Malaysian stem cell therapy provider Yakin Medic aims to raise RM100 million in Catalist IPO: report
STEM cell therapy provider Yakin Medic is planning to list on the Catalist board of the Singapore Exchange as part of plans to expand into new markets, Malaysian newspaper The Star reported on Friday (Feb 28).
The company’s initial public offering (IPO) is currently slated for the fourth quarter of 2025 or early 2026. It is projected to raise RM100 million (S$30.2 million), with RM70 million put towards developing a factory lot in Cyberjaya, Malaysia.
The remaining funds will be used to support expansion into overseas markets, enhance research and development efforts, and establish satellite laboratories, reported The Star.
These plans were unveiled at the signing of the Yakin Medic Pre-IPO Singapore Exchange Engagement Agreement, which Malaysia’s Tourism, Arts and Culture Minister Tiong King Sing attended.
Yakin Medic founder Patrick Tan said the IPO’s sponsor and issue manager will be Singapore-based Evolve Capital Advisory.
Malaysian private equity firm MCI Capital has been secured as Yakin Medic’s cornerstone investor, investing through its Asia IPO Fund, said Tan.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Established in 2014, Yakin Medic provides cell therapy technology aimed at treating degenerative diseases, such as liver failure and osteoarthritis.
Yakin Medic’s plans come on the heels of several measures unveiled by the Monetary Authority of Singapore’s review group to revive the local bourse.
Among the measures is a 20 per cent corporate income tax rebate for new primary listings and a 10 per cent rebate for new secondary listings with share issuance. This was also announced by Lawrence Wong, Singapore’s prime minister and minister for finance, during his Budget 2025 speech.
Market watchers said after the announcement said the tax incentives will attract some companies, particularly profit-making ones, to the local bourse, but cautioned that these could have limited impact.
Singapore Exchange’s (SGX) head of global sales and origination, Pol de Win, said in a recent interview with The Business Times that Singapore could attract regional firms seeking access to international markets.
In particular, companies in the “new economy” space – featuring high-growth, tech-focused industries such as e-commerce and artificial intelligence – are expected to play a significantly larger role over the next five years, he said.
These tax incentives are in addition to other measures, such as a new S$5 billion Equity Market Development Programme to boost liquidity on SGX by channeling funds to asset managers with a “strong investment track record” and a focus on Singapore-listed equities.
