NWE Resources Group Bhd is looking to raise RM28.6 million from its IPO ahead of its planned listing on the ACE Market of Bursa Malaysia on Oct 21, 2026.
The Shah Alam-based hospitality amenities, personal care products and health foods provider is offering 143.15 million new shares priced at 20 sen per share.
Of the total proceeds, RM9.1 million, or 31.9%, will be channelled into new product development, while RM8.2 million will be used for working capital. Another RM4.6 million has been earmarked for marketing and promotional activities, with funds also allocated to expand research and development (R&D) capabilities, establish a new sales office in Johor and purchase a rooftop solar system and transportation fleets.
Group Managing Director Tan Hong Huat said the bulk of the proceeds would support the expansion of NWE Resources’ product range and market reach, including new health food and personal care formulations, stronger in-house R&D and manufacturing capabilities, and a dedicated live e-commerce and social media team.
NWE Resources supplies hospitality amenities to hotels and resorts nationwide, distributes health foods and personal care products through its M-Plan multi-level marketing network, and provides custom formulation and supply services to health food suppliers and brand owners.
For the financial year ended March 31, 2026, its profit after tax rose 23.7% to RM8.5 million from RM6.9 million a year earlier, despite revenue easing to RM41.6 million from RM43.5 million.
At the IPO price, NWE Resources is expected to debut with a market capitalisation of RM108 million. Applications close on Oct 9, with KAF Investment Bank Bhd serving as principal advisor, sponsor, underwriter and placement agent.
