Malaysia-based integrated refurbished technology firm CompAsia Sdn Bhd is set to launch its Main Market initial public offering (IPO) on Bursa Malaysia in the first half of 2027 (1H2027), aiming to raise around MYR400 million ($101.58 million) to MYR500 million ($126.93 million), with a valuation of about MYR2 billion ($507.73 million).

Founder and chief executive officer Julius Lim said the company is in the process of appointing its banker for the exercise and expects to finalize the appointment within the next one to two months, according to national news agency Bernama.

“We have already met with all the big banks. Our goal is to do it by the first half of next year,” he told Bernama in a recent interview.

Lim said the company is also conducting a pre-IPO fundraising round over the next one to two months, targeting high-net-worth individuals who may invest ahead of the listing at a discount to the IPO price.

He said the funds raised from the IPO would mainly be utilised for working capital, to develop its device ownership plan, ReNewNGo, and to strengthen its omnichannel presence to ensure a seamless experience between online and physical retail in Malaysia.

“Last year, we had only five to six stores operating in Malaysia, but we have since expanded to around 70 stores across the country, including in Sabah and Sarawak.

“We have been aggressively rolling out our offline stores. Our goal is to double the number to 150 stores by the end of 2026 and grow further moving forward,” he said.

Lim said CompAsia registered a pre-tax profit of MYR20 million in 2025, up from MYR12 million in 2024, and aims to more than triple it to MYR70 million in 2026.

He said the company recorded about MYR180 million in revenue last year from its Malaysia operations and is targeting around MYR400 million this year, mainly driven by its ReNewNGo business.

Launched in 2024, ReNewNGo is a flexible device subscription plan that allows customers to upgrade, downgrade or return their device after 12 months of payments and fully own it after 36 monthly payments, according to the report.

Currently, the program has about 20,000 subscribers, and CompAsia aims to increase the number to 50,000 by year-end before doubling it to 100,000 in 2027.

Founded by Lim in 2012, CompAsia is currently a leading refurbished technology player in Malaysia, specializing in sourcing, refurbishing, and reselling pre-owned smartphones and other electronic gadgets.

It also runs trade-in programs that include industrial-grade data wiping for most telecommunications companies and original equipment manufacturers (OEMs) in Malaysia, according to the report.

CompAsia has also expanded into Singapore, Thailand and the Philippines and is currently scouting for additional locations in the Philippines and Singapore.

“While Southeast Asia is our immediate priority, truly excelling in the countries we set foot in requires a lot of effort. So in the next few years, we will be looking at strengthening our local presence and possibly entering new markets,” he said in the interview.

As of the third quarter of 2025 (3Q2025), CompAsia has surpassed three million device transactions, underscoring the growing scale of the recommerce economy across Southeast Asia.

Based on the three million gadgets transacted, Lim said the company has prevented about 450 to 600 tonnes of electronic waste from entering landfills and helped avoid up to 240,000 tonnes of carbon dioxide emissions, the equivalent of taking 52,000 cars off the road for a year.

“By extending device life, we have reduced the need for mining precious metals, including an estimated 100kg of gold and 1,000kg of silver,” he said.

Citing a recent Mordor Intelligence industry report, Lim said the global used and refurbished smartphone market is projected to reach over $96.9 billion by 2031, with Asia-Pacific being the largest and fastest-growing market.

He said that amid rising inflation and a global push for environmental, social and governance (ESG) compliance, CompAsia is well-positioned to become the Southeast Asian champion of second-life technology.

In 2023, Gobi Partners has taken on the lead investor role in the Series A funding round of CompAsia.

Gobi Partners onboards Southeast Asia’s largest integrated recommerce platform CompAsia