Malaysia's Emits launches $3.7M IPO, chases 5G antenna shift
What's the deal? EmitsDealroom has a profile for this one. Try Dealroom → Berhad, a Penang-based maker of passive antennas, has launched its IPO to list on the ACE Market of Bursa MalaysiaDealroom has a profile for this one. Try Dealroom → on December 1, 2026. The company is raising US$3.59M by issuing 93,754,000 new shares at US$0.04 each. At that price, it is set to debut with a market capitalisation of US$17.9M.
The fine print: The full offering spans 131,256,000 shares, or 28% of enlarged share capital. A separate offer for sale of 37,502,000 existing shares will raise US$1.43M for selling shareholders — not the company. Mercury Securities is principal adviser, sponsor, underwriter, and placement agent.
Where the money goes: Emits plans to spend US$1.63M on working capital, US$956.5K on machinery and equipment for research and development, and US$1M on listing costs. It targets a dividend payout of about 20% of profit after tax.
By the numbers: For the year ended December 31, 2025, Emits reported revenue of US$9.47M, profit after tax of US$1.24M, and a 28% gross margin. For the six months to June 30, 2026, it posted US$4.35M in revenue and US$502.2K in profit. The offer price implies a historical price-to-earnings multiple of roughly 14.4 times.
What's the endgame? Emits designs, manufactures, and tests passive antennas for brand owners and electronics manufacturing service providers. Its growth plan hinges on producing 5G base station antennas for CCIDealroom has a profile for this one. Try Dealroom →, a shift that would move it beyond its current product mix.
What could go wrong? The company draws 78.1% of its revenue from a single customer, the Motorola GroupDealroom has a profile for this one. Try Dealroom →. The 5G project is not yet secured — pre-qualification tests are ongoing, and commercial production is not expected before the first quarter of 2028. Most sales and purchases are in US dollars, exposing Emits to currency swings and US tariff policies that have previously slowed demand.
What to watch next: The application period closes November 19, 2026, with balloting on November 23 and share allotment on November 30. Investors should also track revised engineering designs for the CCI 5G antennas, expected within six to nine months of the prospectus date.
The signal: Emits joins a steady run of small-cap listings on Bursa Malaysia's ACE Market, which has drawn companies including KEB Berhad, NWE Resources Group, and EcosysDealroom has a profile for this one. Try Dealroom → in recent weeks. For Emits, the listing is a bet on diversifying away from customer concentration and into higher-value 5G hardware — if the pre-qualification tests land.
Read more: minichart.com.sg
Image credit: IBM Research
