14/5/2019 – The home company of local favorite bubble tea brand Tealive, Loob Holding Sdn. is planning a Malaysian initial public offering to raise as much as RM300M (~US$72M). According to an unnamed individual with inside knowledge.
According to the insider, the Kuala-Lumpur based company has sought professional advice for the IPO. Which is confirmed by the holding’s CEO Brayn Loo during an email exchange with Bloomberg seeking more information. “We have engaged corporate advisers for this exercise,” and further added, “We cannot confirm the valuation sought nor the IPO portion, pending final recommendations from our advisers.”
If what leaked is true, the company will be seeking a valuation of RM1B and plan for a listing first half next year.
Other Malaysian companies seeking a listing in the Malaysian Main Market listing, Bursa Malaysia, includes QSR Brands (M) Holdings Bhd. the operator of American fast food chain Kentucky Fried Chicken in Malaysia and local-brewed home improvement chain Mr. D.I.Y.
Incidentally, Loo will be undertaking an aggressive expansion program, spanning two years, for its brands and hire between 1,200 to 1,500 more workers in the process.
The entrepreneur will be doubling its flagship brand, Tealive’s outlet. Targeting 500 outlets in Malaysia alone by the year 2021. This expansion will be a part of Loo’s effort to spreading modern day tea culture in Malaysia as well as creating more job opportunities for Malaysians.
“As entrepreneurship is one of the core values within Loob as an organization, it’s only natural that we try to nurture more F&B entrepreneurs from within our ranks. This, we are doing through our human capital policies and talent management programs,” Loo said.
The company had partnered up with local tertiary institutions including Universiti Teknologi MARA and Arau Community College in Perlis to receive hands-on stores managing experience and apprenticeship for students enrolled in the Food Processing and Quality Control certificate program respectively.