Foodie Media launches RM75 million IPO prospectus

Foodie Media Berhad, a regional digital media group, has taken a major step toward becoming a publicly listed company with the launch of its prospectus for an initial public offering (IPO) on the ACE Market of Bursa Malaysia.

The company launched its IPO priced at 30 sen per share, with hopes to raise RM41.4 million for the group, and another RM33.6 million for its existing shareholders. Applications for the IPO will close on 19 November, and listing has been scheduled for 28 November.

Proceeds from the IPO will support hiring approximately 190 new employees and the development of a dedicated live-streaming facility, alongside broader investments in content, technology, and commercial operations.

The group operates 37 lifestyle-focused brands across Malaysia, Singapore, Thailand, Indonesia, and the Philippines, boasting a combined social media following of 46 million and attracting 6.1 million blog users in the latest reporting period. The company creates and publishes content across platforms including Facebook, Instagram, TikTok, YouTube, Threads, X, Douyin, Lemon8, Telegram, and WhatsApp, covering food, travel, home and living, property, and lifestyle topics.

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Nicholas Lim Pinn Yang (pictured third from left), CEO of Foodie Media, said, “From our humble beginnings with Penang Foodie, we have grown a portfolio of 37 brands with strong, trusted communities that connect audiences and businesses across Southeast Asia. The IPO will allow us to enhance technology infrastructure, expand digital publishing, KOL marketing, campaign management, produce short-film dramas, and invest in AI-powered solutions to further improve efficiency and audience engagement.”

According to a report by the Edge, Lim also dismissed concerns about new competitors undercutting the company, saying that with their strong brand recognition and coverage across major Malaysian cities, they set the market standard, and that free services that don’t deliver can end up being more costly for brands.

He told reporters at a press conference that the current low barrier of entry for creators is not a concern, but rather a welcome development. He emphasised that Foodie Media is more than just a media company, it is an integrated platform serving SME clients and large advertisers beyond its content offerings. Leveraging its 46 million-strong follower base, the company also drives its commerce initiatives while supporting creators by giving them a stage on brands like KL Foodie, Malaysia Homie, Halal Foodie, and others. 

Meanwhile, Michael Oh-Lau Chong Jin (pictured third from right), CEO of Maybank Investment Bank acting as the IPO's principal adviser and sole underwriter, highlighted the company’s strong regional footprint and consistent growth. “Foodie Media’s content-and-commerce model is highly scalable, and this IPO represents an exciting milestone as it seeks to become a leading listed digital content player in the region,” he said.

Financially, the company has shown steady growth, with revenue rising from RM13.68 million in 2022 to RM31.27 million most recently, while post-tax profit has remained resilient above RM6 million annually, reaching RM8.98 million in the latest period.

With proceeds from the IPO earmarked for technology, content, and talent investment, Foodie Media aims to solidify its position as a regional digital media powerhouse while delivering innovative solutions for brands looking to engage audiences across Southeast Asia.

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