F&B solutions provider Incite Innovations eyes IPO by 2025

Incite Innovations Group, a food and beverage (F&B) solutions provider, aims to undertake an initial public offering (IPO) by 2025.

CEO Tham Lih Chung said the group is considering listing either the entire organisation or its subsidiary divisions separately.

“We have been looking at getting the company ready for listing. I will say hopefully in the next one to two years. I’ve given myself two years for the company to get listed,” he said in an interview with recently.

Tham said Incite Innovations aims to capitalise on its rapid growth trajectory driven by fundraising efforts and investor support.

“I owe it to my shareholders. Why we are able to expand so fast? Mainly because we have raised some funds from True Equity funding platform. We have about 300 shareholders with us,” he added.

Tham also shared insights into Incite Innovations’ revenue over the past few years.

In 2020, the company reported revenue of RM10 million. By 2023, this figure had risen 7.5fold to RM75 million.

Tham said the primary sources driving revenue for the group are mainly from retail management solutions and retail technology solutions. This year, the group projected its revenue to be in the range of RM100 million to RM150 million.

“As of today, I can’t even categorise ourselves as a small enterprise. We have grown exponentially,” he said.

Tham remarked that Incite Innovations is already generating revenue from international markets.

However, the contribution from overseas income currently accounts for only 10% of the company’s total group revenue. Going forward, Tham aims to triple its international revenue contribution to 30% over the next three years.

“The end goal is for 50% of its total revenue to come from international markets, with the remaining 50% from domestic sources,“he added. -