Kuala Lumpur, 13 October 2025 — THMY Holdings Bhd’s initial public offering (IPO) has drawn a resounding response, being oversubscribed 35.57 times ahead of its anticipated debut on Bursa Malaysia’s ACE Market on October 23, 2025.
The Penang-based firm, which operates in the automated test solutions space, priced its IPO at RM 0.31 per share. The offering comprises 143.908 million new shares (public issue) and 88.8 million existing shares (offer for sale).
Subscription Breakdown & Allocation
In total, THMY received 16,052 applications for 1,623,752,800 shares, vastly exceeding the 44.4 million shares earmarked for the Malaysian public.
- Bumiputera portion: 7,560 applications for 642.06 million shares, oversubscribed by 27.92×
- Other Malaysian public portion: 8,492 applications for 981.69 million shares, oversubscribed by 43.22×
- The component reserved for eligible directors, employees, and business associates (23.532 million shares) was fully subscribed.
- Private placements (53.7761 million shares) and the Bumiputera placement (22.2 million shares) were fully placed out.
- All 88.8 million offer-for-sale shares (existing shares) were allocated among identified Bumiputera investors approved by MITI.
Affin Hwang Investment Bank Bhd is serving as the Principal Adviser, Sponsor, Sole Placement Agent, and Sole Underwriter for the IPO.
Why the Strong Demand?
Several factors appear to have contributed to the fierce demand:
- Niche sector exposure: THMY’s specialization in automated test solutions and industrial automation lends it appeal in an era where semiconductor, electronics, and AI-driven industries are scaling rapidly.
- Reasonably priced entry: At RM 0.31 per share, the offering is accessible to retail investors, which may have catalysed mass participation.
- Limited public allocation: Because the number of shares available to the general public is modest relative to total demand, oversubscription pressure naturally intensifies.
- Confidence in management and track record: The full subscription of directors’ and employees’ shares may indicate internal belief in THMY’s prospects.
What Happens Next?
- Allotment notices: THMY will mail notices of allotment to successful applicants by October 21, 2025.
- Listing date: The company is slated to begin trading on the ACE Market on October 23, 2025.
- Post-IPO performance: Given the strong subscription, performance on the first trading day will be watched closely, whether THMY can sustain momentum or face price adjustment pressures.
Risks & Considerations
While oversubscription is a positive sign, it is not a guarantee of post-listing success. Observers should monitor:
- Liquidity and float: A high demand morning may not translate into sustained trading volume if float remains tight.
- Execution risk: THMY must deliver on its growth and operational projections to justify investor expectations.
- Macro & supply chain headwinds: As a technology and industrial company, THMY is exposed to semiconductor cycles, raw material costs, and currency fluctuations.
- Valuation stretch: Strong initial demand may push valuation upward; downside correction is always a possibility if fundamentals falter.
