Loob Holding, parent of Malaysian bubble-tea chain Tealive, is preparing an IPO in Malaysia with a view to raising MYR300 million (US$72 million).
The firm, which operates more than 200 food-and-beverage outlets in the territory, has reportedly hired advisors to facilitate the process and is seeking a valuation of up to MYR1 billion.
“We have engaged corporate advisers for this exercise,” said Loo’s CEO Bryan Loo. “We cannot confirm the valuation sought nor the IPO portion, pending final recommendations from our advisers.”
New listings have been slow off the mark this year, with only $9.4 million in first-time sales so far compared to $47.8 million during the same period last year. Several retail businesses are expected to list shortly, including Malaysia KFC operator QSR Brands and home improvement chain Mr DIY.