Loob aims to raise RM300m
Loob Holding Sdn Bhd, which owns the Tealive bubble tea brand, is planning a initial public offering (IPO) that could raise as much as RM300 million, according to people with knowledge of the matter.
The company has hired advisers for the planned share sale, according to the people, adding that it was considering seeking a valuation of as much as RM1 billion and targeted a listing next year.
Loob chief executive officer Bryan Loo confirmed that the company was planning to list in the first half of next year.
“We have engaged corporate advisers for the exercise.
“We cannot confirm the valuation sought nor the IPO portion, pending final recommendations from our advisers.”
Malaysia has seen US$9.4 million (RM39.10 million) first-time share sales so far this year, far less than the US$47.8 million in the same period last year, according to data compiled by Bloomberg.
The country’s IPO market is expecting a boost this month from a US$250 million offering by Leong Hup International Bhd and some of its existing shareholders.
Loob will be joining companies like KFC operator QSR Brands (M) Holdings Bhd and home improvement chain Mr. D.I.Y. in seeking a listing.
Deliberations of its IPO plan were still in early stages and might not necessarily lead to a deal, said the people.
Loob, which owns other food and beverage brands such as Ko Ko Kai and Define Food, has more than 200 outlets in Malaysia, according to a company statement in March. It also has stores in China, Vietnam and Australia.