Charting the Next Chapter of Growth in Malaysia’s Workforce Management Industry
KUALA LUMPUR, 15 APRIL 2026 – Manforce Group Berhad (“Manforce” or the “Group”), a comprehensive provider of foreign workers’ management services, manual labour services, and hostel management solutions, officially launched its prospectus today in conjunction with its upcoming Initial Public Offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).
The IPO comprises a Public Issue of 79.99 million new ordinary shares, representing 20.0% of the Group’s enlarged issued share capital of 399.98 million shares, and an Offer for Sale of 19.99 million existing shares, representing 5.0% of the enlarged issued share capital.
The IPO shares will be issued at RM0.38 per share, raising gross proceeds of RM30.40 million for the Group.
The proceeds from the IPO will be channelled towards the following purposes:
- RM14.74 million for the expansion of business operations through new recruitment quotas;
- RM4.64 million for the enhancement of IT and operational systems;
- RM6.32 million for working capital to support the Group’s growing business activities; and
- RM4.70 million for listing-related expenses.
Dato’ Wong Boon Ming, Managing Director of Manforce Group Berhad said, “We are humbled by the strong response and confidence shown by investors. This milestone reflects the market’s recognition of Manforce’s track record and commitment to delivering reliable, compliant, and technology-driven workforce solutions. The proceeds from our IPO will be channelled towards expanding our worker management capacity, enhancing digital systems, and strengthening operational efficiency to support future growth.”
Mr. Danny Wong, Deputy Head of Corporate Finance of M & A Securities Sdn Bhd, added, “Manforce’s transition from the LEAP Market to the ACE Market demonstrates its steady growth, sound management, and strong governance. The Group’s diversified service offerings, track record of compliance, and technology-driven approach place it in an excellent position to capture future opportunities in Malaysia’s evolving labour market. We believe this IPO will serve as a key catalyst for Manforce’s continued expansion and digital transformation.”
Mr. Kelvin Khoo, Group Chief Executive Officer of Eco Asia Capital Advisory Sdn Bhd shared, “We are honoured to have worked alongside Manforce throughout its journey towards this listing. The Group’s strong fundamentals, experienced management team, and commitment to transparency have underpinned its success and readiness to transition to the ACE Market. This IPO not only strengthens Manforce’s capital structure but also positions the Group to leverage technology and compliance-driven practices to deliver sustainable growth in Malaysia’s workforce management industry.”
M & A Securities Sdn Bhd. is the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO, while Eco Asia Capital Advisory Sdn Bhd serves as the Financial Adviser for the Group.
