Skip to main content

IPO Chilli Ratings

IPO Chilli Ratings
Click to understand how it works


LMS Compliance Ltd

LMS Compliance Ltd ("LMS" or the "Group") is offering 14m shares at $0.26 each for a listing on Catalist. The IPO will close on 29 Nov at 12 Noon nd starts trading on 1 Dec 9am. Based on the IPO price, the market cap is around $22.73m. The Group has four main business units as shown below.   The Group offers quality testing and certification services for its customers across a gamut of industries, ranging from environment, food and product safety and quality as well as industry compliance. The Group have the capability to conduct over 1,110 accredited tests and over 10,200 non-accredited tests for clients in mutliple sectors in Malaysia. Financial Performance  The Group has been growing steadily with revenue increasing from MYR 14.5m in FY2019 to MYR17m in FY2021. The net profit has been pretty consistent as well, starting from MYR 3.9m to MYR 4.9m over the same period. Based on the prospectus (page 31), the PER is 12.4x based on pre-placement shares of 72.56m. If I

About Me


Mr. IPO graduated from NTU with a Bachelor in Accountancy (Honors) and started life as a lowly auditor. The audit experience not only polished up his accounting skills but also made him very skeptical about the financial records of companies. He always read the financial reports with a huge dose of salt.

Mr. IPO is a Chartered Financial Analyst and a Chartered Accountant. He currently works as an investment professional and you can read about his career path here.

Mr. IPO got his nickname from his main Singapore IPOs blog where he shares his chilli ratings on companies seeking to list in Singapore. His IPO strategy is found here.

Mr. IPO likes to share his pursuit for financial freedom where he blogs about financial freedom, generating passive income and views on CPF on the SRS blog. The investment strategy is found here. Mr. IPO likes to keep things simple, so with effect of 1 Nov 2017, he has decided to streamline all his other blogs listed below into the same SRS blog. 😁 In addition to his SRS fund, he will muse about other things that matters to him in life... after all, what is life without food and wine?! 😜

Mr. IPO paid a lot of school fees to Mr. Market when he was much younger and now shares his views on trading on his Ninja Master Fund blog whenever he has the time to trade. His current work consumes too much of his free time and he wishes that he has more time to trade. His trading strategy is found here. (The blog is no longer updated until further notice)

Mr. IPO is a firm believer that property investing in the right cycle is the fastest way to financial freedom due to its leveraging effect. His views and journey in property investing can be found in his 2Y Real Estate Blog (The blog is no longer updated until further notice)

Mr. IPO is an avid traveler who likes to explore new places. His adventures can be found here if only he has the time to update as quickly as he travels. (The blog is no longer updated until further notice)

He can be contacted at if you want to

1. Exchange links or blogroll.

2. Advertise or collaborate with him here.

3. Ask questions or have any feedback and comments.

4. Send him pictures of your IPO booths and markets slides.

For faster and more interactive updates,

You can also follow Singapore IPOs via Facebook

or via Twitter

or via LinkedIn


Anonymous said…
Hi, thanks for yr sharing on singkie IPOs. Found it helpful on the rare times I have the chance to get IPO placements. I have been in the local stockmarket since mid-90s and trade $2-3M generally per trade, with a cash capital of abt $2M. This was built up over the years from a few 10s of K, with many learning n horrific experiences along the way.
Wish u the best in yr financial journey.
I always say, to remind myself, "u r only as good s yr next trade."
Anonymous said…

Some comments :

I wonder if readers have any interest in bonds.

Bonds is not something typically of interest to investors.

However, given the supposedly large foreign interest in asian bonds, it may do for everyone to pick up a couple of bonds. This for obvious reasons.

It is unlike such couple of bonds would make anyone rich, but will provide a steady flow of loose change that may be useful for small but essential purposes.

No-one should have any doubts of the effects of all this money printing (western central banks). And if anyone has doubts, see :

Perhaps a handful of asian bonds will be a good idea for the portfolio. Again, the reasons are so obvious they need not be stated.

Hopefully, everyone would consider it and mention it to their brokers. There should not be insurmountable difficulties in doing IPOs for bonds, in the same way IPOs are done for shares.

Anonymous said…
Hi Mr IPO,

Can I ask you, from which credible source, can I find details on Singapore's IPOs fund raising figures?

I would like to compile a list of Singapore IPOs and total amt of funds raised but not sure where to get the figures.

Mr. IPO said…
Share investor ?
Anonymous said…

What is your opinion on the coming june 18 FED stimulus exit plan? Should we start to panic....
Mr. IPO said…
Probably I will just watch from the sidelines. Market has reacted negatively to the "turning off of tap" but in my view, it's inevitable. The short term pain might be better for the long term good. ^_^ the market has dropped quite a bit due to uncertainly over what will be announced. Once the news of the action plan is out , probably market will just accept it and move on.... And a relief rally might happen?
Anonymous said…
Hi Mr IPO,

What is your opinion on the coming valuemax IPO? Any analysis to share ?
Anonymous said…
Hi Mr IPO,

What is your opinion on the coming Viva Industry Trust IPO? Any analysis to share ?
vital said…
Hi There,

What do you think od Posh Semco compare with Pacific Radiance?

There are going to be IPO in this 2 months. Any news?

Anonymous said…
Hi, do you have any analysis on Serrano IPO? Closing 23 Oct 2014. Thanks.
Anonymous said…
hihi.. any analysis on transcab?
Anonymous said…
Happy Birthday Mr. IPO
Anonymous said…
Hi Mr IPO,

I enjoy reading your analysis. Thank you very much.
Would you be publishing your view on Singapore O&G Ltd. IPO, closing on 2 June 2015?
Unknown said…
Mr IPO, recently so quiet?