Manforce Group Berhad (“Manforce” or the “Group”), a comprehensive provider of foreign workers’ management services, manual labour services, and hostel management solutions, successfully debuted today on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”). The Group’s shares opened at RM0.375, close to its Initial Public Offering (“IPO”) price of RM0.38.
Manforce is listed under the stock name “MFGROUP” and stock code “0450”.
Founded in 2005, Manforce has steadily evolved into one of Malaysia’s most established names in integrated workforce management. The Group provides end-to-end services encompassing human resources administration, immigration and regulatory processes, accommodation and transportation, payroll management, and medical and insurance coordination for foreign workers.
Its clientele spans across key industries such as manufacturing, services and construction sectors, primarily across F&B, retail, consumer goods, healthcare, property and automotive industries, supported by operations across Peninsular Malaysia.
Through its Initial Public Offering (“IPO”), Manforce raised RM30.40 million in gross proceeds from the issuance of 79.99 million new shares. The proceeds will be utilised as follows:
- RM14.74 millionfor the expansion of business operations through new recruitment quotas;
- RM4.64 millionfor the enhancement of IT and operational systems;
- RM6.32 millionfor working capital to support the Group’s growing business activities; and
- RM4.70 millionfor listing-related expenses.
Tengku Faizwa Binti Tengku Razif, Independent Non-Executive Chairperson of Manforce Group Berhad said,
“Our listing today marks a major milestone in Manforce’s journey of growth and transformation. From our early beginnings managing a small pool of foreign workers, we have evolved into one of Malaysia’s most established and trusted workforce management companies.
This IPO provides us with the financial foundation to expand our capacity, invest in technology, and further strengthen our compliance-driven business model. We are deeply grateful to our team, clients, and investors for their confidence and support as we embark on this next chapter.”
The transfer of listing to the ACE Market provides Manforce with a strategic platform to accelerate its business expansion, strengthen its digital infrastructure, and enhance operational scalability.
As Malaysia’s industries continue to rely on professional and compliant workforce solutions, Manforce remains committed to supporting national employment goals through technology, governance, and sustainable workforce management.
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.
