Kuala Lumpur, 2 October 2025 – BMS Holdings Berhad, a homegrown leader in the Malaysian tiles, stone surfaces, bathware, and kitchenware retail segment, has secured approval from Bursa Malaysia Securities Berhad for its planned listing on the ACE Market. The upcoming initial public offering (IPO), targeted for completion by the fourth quarter of 2025, is set to fund the Group’s expansion of its retail network and operational capabilities.
Founded in 1993, BMS Holdings has built a strong footprint in Malaysia’s building materials and surface coverings industry, boasting a portfolio of brands that include BMS Porcelain, Marmo Grande, Rubino, Batu Gergasi, Moderica Surfaces, and Brelife Coverings for tiles and stone surfaces, as well as eurano and U+BMS for bathware and kitchenware. The Group’s diversified offerings span retail, wholesale, and project sales, with products ranging from porcelain and ceramic tiles to natural marble, limestone, and granite.
Today, the company operates 20 retail showrooms nationwide, 16 in Peninsular Malaysia and four in Sarawak, backed by distribution centers and warehousing facilities. For the financial year ended 30 June 2024, BMS Holdings recorded RM293.92 million in revenue, supported by resilient demand across its retail, wholesale, and project segments.
The IPO will involve a public issue of 364 million new shares and an offer-for-sale of 156 million existing shares, representing approximately 33.77 percent of its enlarged share capital of 1.54 billion shares upon listing. Proceeds are earmarked to strengthen BMS’s retail presence and logistics, while enhancing operational efficiency in anticipation of growing market demand.
Managing Director Ang Kwee Peng described the listing approval as a “significant milestone” that will elevate the company’s growth trajectory. “Securing Bursa Securities’ approval for our listing on the ACE Market is an exciting new chapter in our corporate journey. This achievement underscores our commitment to providing high-quality products and exceptional service across Malaysia. Becoming a listed entity will further strengthen our market presence and enable us to execute our ambitious growth plans more effectively,” he said.
Market data highlights BMS’s strong positioning. According to Vital Factor Consulting, Malaysia’s ceramic tiles market was valued at RM1.38 billion in 2023, with ceramic sanitaryware worth RM259 million. Based on its revenue contributions, BMS currently commands 17 percent of the ceramic tiles segment and 12 percent of the ceramic sanitaryware segment. With its listing, the company aims to solidify its leadership in these segments and seize new opportunities nationwide.
Alliance Islamic Bank Berhad has been appointed as Principal Adviser, Sponsor, Sole Underwriter, and Placement Agent for the IPO.
Investor Insights for Asia
For investors, BMS Holdings’ IPO highlights the intersection of Malaysia’s property, infrastructure, and lifestyle sectors. The firm’s established market share and nationwide retail footprint offer defensiveness in an otherwise cyclical sector. Its wide portfolio positions it to benefit from both consumer renovation demand and large-scale construction projects.
The IPO also reflects renewed momentum in Malaysia’s ACE Market, which has increasingly attracted consumer-facing and lifestyle businesses. With Malaysia’s construction sector expected to rebound alongside infrastructure rollouts, and rising demand for premium interiors in the middle-income housing segment, BMS’s growth trajectory could align with broader structural trends.
However, risks remain. The tile and sanitaryware business is closely tied to property market cycles, input cost volatility (e.g., energy and raw materials), and competition from imported products. Investors should evaluate whether BMS can sustain margins while scaling and whether its IPO pricing reflects the risks of sector cyclicality.
Still, the IPO offers exposure to Malaysia’s consumption and construction value chain through a branded player with proven market reach, potentially appealing to investors seeking both growth and defensive characteristics in the consumer-industrial hybrid space.
