Foodie Media Bhd burst onto the ACE Market of Bursa Malaysia with a strong opening today, kicking off trading at 35.5 sen – marking a 5.5 sen jump, or 18.3 per cent premium, over the initial public offering (IPO) price of 30 sen.
The upward momentum continued, with the share price climbing to 38 sen by 9.03am, up 8 sen, or 26.7 per cent, on trading of more than 35 million shares.
Foodie Media is the 52nd IPO to list this year and the 41st on the ACE Market.
Best known for its flagship KL Foodie social media accounts, the group commands a substantial online following of 46 million across various platforms. It operates 34 lifestyle-focused brands across Southeast Asia.
Its chief executive officer, Nicholas Lim Pinn Yang, said strong investor support, including a public tranche oversubscribed 24.63 times, reflects confidence in the company’s platform and long-term vision.
He said the company will focus on its core areas—digital media publishing, KOL marketing, affiliate commerce, and campaign management—while expanding into live commerce and short-form drama production.
“We are investing in technology, data capabilities and talent in the coming year to support our next stage of growth.
“At the same time, our dividend policy to distribute at least 40 per cent of profit after tax reflects our commitment to delivering long-term value to shareholders,” he said.
Foodie Media raised RM41.4 million from the IPO to expand its talent pool, scale content production and enhance its livestreaming and digital management capabilities, with over 50 per cent (RM23.1 million) earmarked for recruitment over the next 36 months.
Another RM7 million, or 16.9 per cent, has been earmarked for the purchase and renovation of a live-streaming facility within 24 months, while RM1.5 million, or 3.6 per cent, will go towards purchasing and upgrading equipment.
A total of RM700,000, or 1.7 per cent, is allocated for AI-integrated software solutions, both to be completed within 36 months.
The company will also allocate RM4.5 million, or 10.9 per cent, for working capital within 12 months, and RM4.6 million, or 11.1 per cent, will cover IPO and listing-related expenses within three months.