Bee Same Group Bhd submitted a draft prospectus on May 13 for an initial public offering (IPO) on the ACE Market of Bursa Malaysia. The company plans to offer 58.74 million new shares and 19.58 million existing shares for sale, representing up to 30% of the company’s equity [1, 2].

The offer includes allocations of 13.05 million shares for the Malaysian public, 2.61 million for eligible persons, 32.63 million for selected Bumiputera investors, and 10.44 million through private placement. The 19.58 million shares for sale come from LSM Prestige Capital Sdn Bhd, controlled by managing director Liew Sam Min and his spouse Teo Poh Hwa. Their stake will dilute to 51.53% after the IPO [1, 2].

Founded in 1984 by Liew and Teo, Bee Same Group manages 392 departmental store counters in Malaysia and 13 counters in Brunei. It currently operates two boutiques in Kuching, Sarawak, and Petaling Jaya, Selangor, with plans to add four more boutiques mainly to retail its in-house Nicole brand [s1-s4].

The company holds licenses or distributorship rights for eight international brands including Hush Puppies and Champion. It also owns four in-house brands: Nicole, RAV Design, Ferrero, and Shedy. As of March 31, Bee Same managed about 3,856 SKUs of fashion accessories and 2,865 SKUs of apparel products [s1-s4].

IPO proceeds will be used to open new boutiques, repay bank borrowings, fund working capital, expand in-house brands, and refurbish existing departmental store counters [s1-s4].

For the financial year ended March 31, 2025, Bee Same reported revenue of RM87.73 million and net profit of RM7.85 million. Malaysia contributed 92.51% of revenue, followed by Indonesia at 6.39%, Brunei 0.91%, and Hong Kong/Singapore 0.19%. Revenue came 50.85% from licensed brands, 37.91% from in-house brands, and 11.24% from OEM customer brands [s2-s4].

The company faces risks including dependence on Parkson Corporation for over 30% of revenue and financial exposure from its 49% associate Transmarco Globag [2].

Bee Same Group aims to use the IPO funds to boost retail expansion and strengthen its financial position as it enters Bursa Malaysia’s ACE Market.