Megan Holdings Ltd. (MGN) Announces March 24th IPO

Megan Holdings Ltd. (MGN) expects to raise $12 million in an initial public offering on the week of March 24th, IPO Scoop reports. The company will issue 2,500,000 shares at $4.00-$6.00 per share.

In the last 12 months, Megan Holdings Ltd. generated $18.6 million in revenue and $1.8 million in net income. The company has a market-cap of $87.5 million.

D. Boral Capital (ex-EF Hutton) served as the underwriter for the IPO.

Megan Holdings Ltd. provided the following description of their company for its IPO: “We are a company principally engaged in the development, construction and maintenance of aquaculture farms and related works. (Incorporated in the Cayman Islands) Our operations are based in Malaysia. Since our inception in 2020, we have strived to establish ourselves as a trusted and experienced provider of shrimp farm-related maintenance services in Malaysia. As of the date of this prospectus, we have been carrying out a series of upgrading and maintenance work projects for aquaculture farms, all of which are located in Tawau, Sabah, Malaysia. This constitutes 71.8%, 43.7% and 15.5% of our revenue for the financial years ended December 31, 2021, 2022 and 2023, respectively. Besides that, we also carried out upgrading work for a pineapple plantation farm located at Kota Tinggi, Johor, Malaysia in 2022 and 2023. This constituted nil, 25.3% and 22.6% of our revenue for the financial years ended December 31, 2021, 2022 and 2023, respectively. Complementary to our upgrading and maintenance services, we also assist customers with the design and development of new farms. As of the date of this prospectus, we are currently involved in the development and construction of a shrimp hatchery center in Semporna, Sabah, Malaysia, where we have been engaged to undertake the construction of hatchery buildings and related functional facilities. We are also assisting in the development of a 111-acre shrimp farm at Tawau, Sabah, Malaysia. The design and development of new farms comprised 22.2%, 16.4% and 61.7% of our revenue for the financial years ended December 31, 2021, 2022 and 2023, respectively. From time to time, we also assist our customers in sourcing for building materials and machinery available for rental for use on their farms. This comprised 6.0%, 14.6% and 0.2% of our revenue for the financial years ended December 31, 2021, 2022 and 2023, respectively. With our wide suite of services and diverse revenue streams, we are well-positioned to serve customers as a one-stop center for their aquaculture and agriculture needs. Note: Net income and revenue are in U.S. dollars (converted from the Malaysian ringgit) for the 12 months that ended Dec. 31, 2023.  (Note: Megan Holdings Ltd. adjusted its small IPO’s price range back to the original level of $4.00 to $6.00 – and kept the size at 2.5 million shares – to raise $12.5 million, according to an F-1/A filing dated March 11, 2025.) (Background: Megan Holdings Ltd. doubled its small IPO’s size – to 2.5 million shares – up from 1.25 million shares originally – and trimmed the price range to $4.00 to $5.00 – pulling back from the original $4.00-to-$6.00 price range – to raise $11.25 million, according to an F-1/A filing dated Feb. 20, 2025. Previously: Megan Holdings Ltd. filed its F-1 on Aug. 8, 2024, and disclosed the terms for its micro-cap IPO: 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million. Megan Holdings did not name an underwriter in its F-1 filing.) “.

Megan Holdings Ltd. was founded in 2020 and has 4 employees. The company is located at B-01-07, Gateway Corporate Suites Gateway Kiaramas No.1, Jalan Desa Kiara 50480 Mont Kiara Kuala Lumpur, Malaysia +60 3 6420 1071 and can be reached via phone at +60 3 6420 1071 or on the web at https://www.meganmezanin.com/.