KUALA LUMPUR (26 June): Enest Group Bhd is marketing its shares at 13 sen per share to investors as part of the bird nest farmer’s listing transfer from the LEAP Market.

The initial public offering (IPO) will raise about RM15 million for Enest Group from issue of new shares, according to the official prospectus. Former chairman Tan Heng Guan as well as his son and executive director Tan Teh Sheng will together pocket RM2 million from the sale of existing shares.

Applications for the IPO will close on July 2, and the listing is scheduled for July 15.

Enest Group processes and trades edible bird’s nest products. Based in Kajang, the company was listed in 2019 on the LEAP Market, a board designed for early stage and emerging small firms.

As trading on the board is restricted to sophisticated investors, a listing transfer to the ACE Market requires a company to provide exit offer and undertake a public issue of shares.

The transfer “is the next stage of our corporate journey, one that we believe will give us a stronger platform to enhance our market standing, strengthen our financial flexibility, and support our future growth,” said Tan Teh Jie, managing director of Enest Group, at the prospectus launch on Friday.

The company has earmarked about one third of the proceeds from the public issue of new shares to repay bank borrowings and set aside 42% of the funds as working capital. The rest will be used to cover listing expenses.

Enest Group made a net profit of RM8 million on revenue of RM158 million in 2025. China accounted for about 63% of its revenue, while Malaysia provided 36%. The rest came from Australia, Vietnam, and other markets.

The company will have a market capitalisation of RM76 million based on its IPO price upon listing. The Tan family will reduce their combined stake in Enest Group to 45%, from about 59.5% before the listing.

M&A Securities is the IPO’s principal adviser, sponsor, underwriter and placement agent.