With a staggering 46 million monthly followers and climbing, Foodie Media — the company behind popular platforms such as Penang Foodie and KL Foodie — is now preparing for a Bursa listing. It’s an uncommon move in recent years, given the challenging landscape for media companies; several incumbents on the Main Market have seen their share prices slump, and overall sentiment toward the sector remains muted.
So, what sets Foodie Media apart? And what gives its founders the confidence to challenge industry perceptions at a time when many others are struggling?
Curious to find out, BusinessToday — being in the industry ourselves — met with the 32-year-old co-founder at the company’s Bangsar South office to learn more about their business model and the optimism driving the trio forward.
Jumping straight in, co-founder Nicholas Lim emphasised that the listing marks not the endpoint but the start of a new growth chapter anchored in expansion, talent investment, and stronger market positioning.
“Since day one, we’ve been very committed. We deliver our numbers consistently, and that is exactly what we will continue to do for our future investors,” he said.
“We’ve promised double-digit year-on-year (YoY) growth, around 20%, and we intend to keep that promise.”
That confidence is backed by Foodie Media’s robust financial performance. For the financial year ended Aug 31, 2025, the group recorded RM37.1 million in revenue, with core profit after tax of RM11.9 million (excluding RM2.5 million listing expenses), a 25% increase from RM7.4 million the previous year.
A Listing Born of Timing — and Ambition
Interestingly, Lim shared that Foodie Media’s IPO was not part of its original roadmap as he highlighted that the idea surfaced only late last year as the group began hitting operational bottlenecks and saw clear opportunities for accelerated growth.
“What we have today is solid, but to move beyond content — into creator networks, commerce and community-building — we needed access to capital and coincidently, timing was on our side,” he said to BusinessToday.
Expanding From Content to Commerce, Creators and Community
He shared that what began as a single food page in Penang has become a regional digital ecosystem spanning Malaysia, Singapore, Manila, and Jakarta. But Lim is clear that the next phase will be even broader.
“Foodie Media currently operates on three synergistic growth pillars: Digital media publishing, which remains the group’s core contributor at 61.5% of revenue; a rapidly expanding creator network driven by rising advertiser interest in micro-influencers; and a live commerce segment, established in 2024, which serves clients such as ZUS Coffee and generates commission rates of 10% to 15%.
“To accelerate expansion, 60% of IPO proceeds will be channelled into recruitment, where nearly 200 new hires over the next three years.
“We want to invest back into people because they are the engine of our industry,” Lim said, while explaining that currently each of their clients has a waiting time of two to three weeks for production; hence, post-listing, they will hire more people so they can minimise the waiting time and capture more business opportunities.
At the same time, Lim highlighted that Foodie Media is also preparing to tap into new verticals, including wellness, healthcare, high fashion, cosmetics and travel — driven by consumer demand and advertiser interest.
“Another 30% of proceeds, or RM9.2 million, will go towards building a dedicated live-streaming hub, purchasing equipment and scaling its live-commerce infrastructure to up to 30 streaming rooms,” he said.
Digital-First Advantage in a Shifting Media Landscape
On the other hand, Lim said to BusinessToday that as digital advertising continues to grow at a much faster pace than traditional media, it gives Foodie Media a favourable runway.
“We are in the attention business where consumer behaviour has changed as audiences spend more time on social media than anywhere else.
“And since we’re digital-first, we understand algorithms, which allows us to adapt to the changes quickly,” Lim said, while revealing that Foodie Media sees vast potential in short-form video, live commerce and creator-driven content.
“Currently, we are producing one- to two-minute mini-drama series on TikTok to rival prime-time TV dramas.
“Digital content is lighter in capital expenditure, faster to scale and aligned with how Malaysians consume media. That’s our advantage,” he said.
A Pandemic-Proof Model That Continues to Evolve
The company’s resilience during the Covid-19 pandemic strengthened its foundation; even as restaurant content stalled, user engagement surged and Foodie Media swiftly pivoted by repurposing archived content, creating household-themed posts and pushing affiliate e-commerce items, allowing it to retain momentum and demonstrate that its business model is both “pandemic proof” and adaptable across economic cycles.
A High Dividend Commitment: Signalling Confidence
Post-listing, Lim revealed that Foodie Media plans to adopt a 40% PATAMI dividend policy, a bold move for a newly listed digital player.
“It’s high, but it’s what we’re committed to offering investors as a return for their trust in us. However, it’s pending board approval and cash flow, but 40% is our target,” Lim said.
Meanwhile, he also highlighted that investor response has been strong, with more than 25 institutional funds — including those from Singapore — expressing interest in the group despite its ACE Market listing.
Commitment to Shareholders and the Long Game
Furthermore, Lim emphasised that the IPO is not an exit strategy for the founders or early investors, such as the Loo family, who continue to hold more than 21% equity.
He stressed that everyone intends to grow together as the listing is just the start of a much bigger journey ahead for Foodie Media as the group aims to leverage the listing to enhance credibility, attract larger brands and recruit top-tier talent to scale into a multi-vertical digital media conglomerate.
Lim revealed that Malaysia remains the company’s core focus as it contributes 95% of revenue for the group.
“Regional teams in Manila, Jakarta, Bangkok and Singapore will continue operations, but IPO funds will be prioritised for domestic expansion.
“The target remains firm: 20% YoY growth, new vertical expansion and capturing a larger share of Malaysia’s digital advertising expenditure,” he said.
With strong financials, a high-dividend pledge and a strategy aligned with the future of media consumption, Foodie Media enters Bursa Malaysia not just with momentum but with a clear commitment to deliver on every promise it has made.
