KUALA LUMPUR: Malaysian toy company Milolo Bhd made its debut on the LEAP Market of Bursa Malaysia today, opening at 12 sen for a 20% premium over its initial public offering price of 10 sen. The counter closed at 12 sen also.
Ahead of the listing, Milolo raised RM3.5 million through two private share subscription exercises in February, involving the issuance of 45 million shares and 25 million shares to independent private investors.
For the financial year ended Sept 30, 2025, Milolo’s profit after tax surged twentyfold (1922.22%) to RM1.82 million, from RM0.09 million in the previous financial year, driven by strong demand for products linked to the global pop toy and blind box trend.
Revenue rose 68.35% to RM11.33 million, supported by higher retail sales following the opening of four new outlets during the year, while net profit margin improved to 16.05% from 1.39% previously.
Managing director Datuk Millan Lee said today the group’s performance was driven by strong demand for trending collectible characters, including Labubu and Twinkle Twinkle.
“It’s thanks to the pop market like Labubu, especially Labubu and Twinkle Twinkle. Demand has been very strong, and prices have increased significantly, which boosted our profit,” he told the media after the company’s debut on the LEAP Market.
Lee said demand in the segment is expected to remain resilient this year and the next few years, supported by an expanding collector base and continued interest in new characters entering the market.
“While the popularity of certain characters like Labubu may moderate, it is being replaced by other trending IPs,” he said.
He added that the broader industry outlook remains positive, with IP-driven products gaining traction across lifestyle segments.
“You can see more people carrying plushies, and IP designs are expanding into apparel, caps and other lifestyle products. younger consumers are becoming more comfortable adopting such trends.
“For the next few years, I believe we will continue to grow as more collectors look for a wider range of IPs,” he said.
Lee said that external risks remain manageable, with the geopolitical developments in the Middle East having had only a minor impact on operations, mainly in the form of short shipping delays.
“Our logistics model involves frequent shipments rather than large container loads, which helps mitigate disruptions. We ship almost daily because our products move fast, so delays are manageable,” he said.
Milolo currently operates 10 retail outlets across major shopping malls in Peninsular Malaysia, including Pavilion Bukit Jalil, Mid Valley Megamall, Sunway Pyramid, 1 Utama, IPC and Mahkota Parade.
The group is primarily a distributor and retailer of third-party collectible brands such as Pop Mart, Top Toy and Funism, alongside its own proprietary products. However, its IP strategy remains at an early stage following the launch of its first proprietary character in 2025.
This places Milolo in the mid-tier of the collectibles value chain, where revenue is currently driven by retail and distribution as it seeks to move towards higher-margin IP ownership.
Lee said Milolo is ramping up its IP pipeline, with plans to launch two new IPs this year and three to five next year, as it looks to strengthen its proprietary portfolio.
“The new IPs will incorporate elements such as DIY workshops and artificial intelligence, while continuing to collaborate with local designers to develop Malaysian-origin characters.”
“All our designers are local, and we want to introduce something different, not just in design, but also in functionality and creativity,” he said.
Domestically, the group plans to open two to three new outlets this year, including locations in KLCC, Seremban Gateway and Velocity, before expanding further into Penang, Johor and the East Coast.
“For this year, we will have another two or three outlets, first in KLCC, another in Seremban Gateway, and then coming will be somewhere in Velocity,” he said.
The group is targeting overseas expansion into Thailand, Indonesia, China and Singapore within the next two to three years as it seeks to tap into growing demand for collectible toys across the region.
“For the overseas expansion, we are targeting within the next two to three years. First, we will target Thailand and Indonesia, and China and Singapore as well,” Lee said.
He added that the group will adopt a flexible market entry strategy depending on local regulatory requirements and cultural preferences.
“Depending on the country, the regulations and the culture, some markets may be through partnerships, while in others we will try to directly manage and own the operations under Milolo Bhd,” he said.
Milolo is also targeting a migration to the ACE Market within the next two to three years, as it scales its operations and strengthens its market position.
“Besides raising our profile and visibility, our LEAP listing is a key step towards our eventual listing on higher-tier markets,” the group said.
DWA Advisory Sdn Bhd is the approved adviser and continuing adviser for Milolo’s listing.
