Exit Planning — FY26
Trade sale tracker. Raghav leads the dual-track exit (M&A + IPO BATNA). Fan Comms is the hottest active track at $70-80M.
Group Revenue
Latest settled day
RM 511,912
2026-06-11
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Investor Relations & Corp Dev threads
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📧 Recent Corp Dev Signals
Threads tagged trade-sale, fan-comms, mitsui, shopback, appheart, corp-dev — from Gmail (last 7 days)
Raghav Narayan <raghav.narayan@involve.asia> · Tue, 26 Mar 2024 21:39:27 +0530
Hi Adam For the purpose of projections for a price discovery via trade sale, For FY 24 you can expect revenue from our core business without M&A to be around $30-35m and EBITDA & PBT margins at
Exit Track Summary
From ~/.hermes/knowledge/business/corp-dev.md — last updated 2026-05-21
🔥 Active Tracks
- Track 1 — Fan Communications (Japan): HOTTEST deal. Yoshinaga accepted $70-80M. Targeting $90M via bidding war. Next: IM needed urgently.
- Track 2 — Strike / Rent Tracks (Japan): Engagement letter due. Target DA mid-Aug, closing end Sep.
- Track 3 — Mitsui & Co: NDA signed. EV/EBITDA approach, 2-3yr earnout. Reconvene for pricing post-VCR.
- Track 4 — ShopBack: Co-founder + CFO met. Developing preliminary synergy thesis. No NDA yet — strategic explorer.
- Track 5 — AppYear/AppHeart: Corp dev team with 5 acquisitions. NDA to be sent. Internal review underway.
- Track 6 — DCA (US FA): Revenue 3.4-4.4x = $110-142M. $120K retainer.
- Track 7 — Corum (US FA):Tech M&A specialist. $70M val estimate. $54K retainer.
- BATNA — IPO via Maybank: ~20x forward PAT = RM 300-400M. Gated by CFO hire (Q3).
⛔ RCPS Redemption
Terms signed 24 Apr 2026 (all except 500's 3 funds). EPF (LP in Endau) flip-flopping — pressuring fund manager to hold. 500 Startups' 3 funds are only outstanding signatures. Must clear before trade sale proceeds.
💰 Valuation Ranges
| Source | Multiple | Range (USD) |
|---|---|---|
| Corum | EBITDA | $70M |
| Fan Comms (accepted) | — | $70-80M |
| DCA (US) | Revenue 3.4-4.4x | $110-142M |
| Deloitte MY | Revenue 4-6x | $120-180M |
| Grant Thornton SG | Revenue 4-5x | $120-140M |
| Jahani & Associates | Revenue 3-3.5x | $90-150M |
| Maybank IB (IPO) | ~20x PAT | RM 300-400M |
Key Contacts
Raghav — VP Corp Dev, leads exit process. Reports direct to CEO.
Fan Comms: Yoshinaga (EVP/founder), Fumihiko Ishimaru (Accord Ventures)
Strike FA: Taka Toyozumi, Nakayama, Hideki Takahashi (CAC Capital)
Mitsui: Philip Dharmawan, Ryo Adachi (via Gary Liew)
ShopBack: Joel (co-founder), Huanmin (CFO), Anthony, Linghao
AppHeart: Willie (Head of Corp Dev), Joe (CSO)
Maybank IB: Raymond Chooi, Ainessa Azhar