KUALA LUMPUR, 29 September 2025 — THMY Holdings Berhad (“THMY”), a Penang-based provider of automated test solutions for the electrical and electronics (E&E) industry, has launched its initial public offering (IPO) prospectus today in Kuala Lumpur, setting the stage for its debut on Bursa Malaysia’s ACE Market on 23 October 2025. The listing marks a major milestone for the 17-year-old group as it positions itself for the next phase of expansion in an industry increasingly shaped by artificial intelligence (AI), data centres, 5G and semiconductor megatrends.
The IPO will raise RM44.6 million through the issuance of 143.9 million new shares at RM0.31 per share. Of the proceeds, a majority 58.1% will go towards the construction of a new factory to increase capacity and secure new customers in the technology, media and telecommunications segments. Other allocations include 11.7% for repayment of bank borrowings, 8.3% for machinery and equipment purchases, 6.9% for working capital, 4.3% for design and research and development (R&D), with the balance reserved for listing expenses.
Strong Growth Track Record
Founded in 2008 in Perai, Penang, THMY has built a reputation as a trusted partner in the automated test solutions space, serving multinational corporations (MNCs) across the Americas, Europe, and Asia-Pacific. Its offerings encompass the full chain of design, development, fabrication, assembly, and installation of in-circuit and functional test systems.
Financially, THMY has delivered an impressive compounded annual growth rate (CAGR) of 96.6% in profit after tax (PAT) from FY2022 to FY2025, rising from RM1.3 million to RM10 million. The group’s customer portfolio stood at 40 MNC clients in FY2025, a testament to its global footprint and engineering capabilities.
Executive Director and CEO Ooi Can Nix described the IPO as a defining moment:
“From our humble beginnings in a small office in Perai, we have grown into a global partner for automated test solutions. This listing marks the culmination of years of innovation and teamwork. The RM44.6 million raised will drive the establishment of a new factory, strengthen our R&D capabilities, and support Malaysia’s aspiration to reach RM1 trillion in E&E exports by 2030 under the 13th Malaysia Plan.”
Strategic Outlook and Industry Positioning
THMY’s decision to expand capacity aligns with secular trends reshaping the global E&E sector. Rising demand for AI applications, high-performance semiconductors, and data centre infrastructure has increased the need for precise and scalable testing solutions. The group is also well-placed to benefit from regional supply chain realignments as MNCs diversify production bases across Southeast Asia.
The IPO also reflects confidence in Malaysia’s positioning within the global E&E value chain, with Penang already established as a semiconductor hub. By enhancing its R&D and manufacturing capacity, THMY is targeting to deepen partnerships with leading EMS players and original equipment manufacturers (OEMs), while also tapping opportunities in telecommunications and renewable energy electronics.
Investor Perspective
For investors, THMY offers a high-growth profile supported by strong fundamentals. Its order book strength, global customer base, and profit growth momentum point towards sustained earnings visibility. The group’s commitment to allocate IPO proceeds into tangible growth drivers—such as new facilities and R&D—further reinforces its expansion strategy.
Market watchers also note that THMY’s IPO comes amid buoyant sentiment in Bursa’s ACE Market, with recent oversubscribed debuts reflecting investor appetite for niche E&E players with export exposure.
Applications for the public issue open today and will close on 9 October 2025 at 5.00pm. Affin Hwang Investment Bank Berhad is the principal adviser, sponsor, underwriter, and placement agent for the exercise.
