The Body Shop retailer InNature to launch IPO

TheEdge Tue, Jul 23, 2019 10:13am - 4 years View Original


KUALA LUMPUR: To further expand its operations, InNature Bhd, the retailer and distributor of The Body Shop products, is offering up to 177.27 million shares in an initial public offering (IPO) set for Bursa Malaysia’s Main Market.

The 177.27 million shares — 25.1% of the enlarged issued share capital — comprise 74.07 million new shares and an offer for sale of 103.2 million existing shares.

The offer shares of 103.2 million will be allocated to Malaysian as well as foreign institutional and selected investors, including bumiputera investors approved by the ministry of international trade and industry.

Of the 74.07 million new shares, 57.94 million will be allocated to Malaysian as well as foreign institutional and selected investors; 14.13 million to the Malaysian public; and two million reserved for InNature and its subsidiaries’ directors and eligible employees.

The issue price, and the opening and closing dates of the IPO, had yet to be fixed, according to its prospectus exposure on the Securities Commission Malaysia website yesterday.

InNature principally sells and distributes The Body Shop products in Malaysia and Vietnam, and plans to commence operations in Cambodia in the coming months.

It has been operating for over 34 years since it opened the first The Body Shop store in Malaysia in 1984 at Plaza Yow Chuan in Ampang here. InNature has 89 points of sale in West Malaysia, Sabah and Labuan; 26 points of sale in Vietnam; and online platforms.

It plans to utilise the IPO proceeds for capital expenditure (capex), working capital as well as new business development. For capex, it plans to expand and upgrade office facilities, renovate existing points of sale, upgrade its information technology network infrastructure, and increase The Body Shop points of sale, including setting up a new operation in Cambodia.

It has not commenced operations in Cambodia but expects to open its first point of sale there by the second half of 2019.

As part of its plans to diversify, InNature also intends to develop the Natura beauty brand in Malaysia.

In the past three years, InNature’s earnings grew 63.2% with a profit after tax of RM45.03 million for the financial year ended Dec 31, 2018 (FY18), from RM27.59 million for FY16. For the same period, its revenue rose 15.4% to RM184.47 million for FY18 from RM159.9 million for FY16.

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