Monitor Nasdaq's final listing approval decision, assess the company's ability to execute its expansion plans while managing customer migration between locations, and evaluate progress in remedying the identified material weaknesses in internal controls. The dual-class structure and concentrated ownership may limit shareholder influence on corporate decisions.
Executive Summary
I Bella Perfect Inc., a British Virgin Islands holding company, is conducting an IPO to list its Class A Ordinary Shares on Nasdaq under the symbol "IBL". The company operates aesthetic medical clinics in Malaysia through its subsidiaries, generating revenue primarily from non-invasive and minimally invasive procedures. The offering is subject to Nasdaq's final approval, and the company faces significant risks including concentrated ownership, dual-class share structure, material weaknesses in internal controls, and heavy reliance on a limited number of key personnel and suppliers.
Key Financial Metrics
Key Facts
- IPO of 3.75 million Class A Ordinary Shares at $4.00-$6.00 per share, with net proceeds of approximately $12.6-$14.7 million after expenses
- Company operates three aesthetic clinics in Malaysia (Kuala Lumpur, Selangor, Johor) under the brand Bella Clinic
- Revenue increased 22.7% from RM15.16 million in FY2024 to RM18.60 million in FY2025, with 96.9% from aesthetic services
- Net income increased 12.5% from RM4.63 million in FY2024 to RM5.21 million in FY2025
- Majority of voting power (86.8%) will be controlled by Yen Tsing Then and Poh Mei Lai post-IPO through Class B shares with 20 votes each
- Company has identified material weaknesses in internal controls related to IFRS/SEC reporting knowledge and formal accounting policies
Financial Impact
Net proceeds of $12.6-$14.7 million to be used for new clinic expansion (30%), marketing (30%), equipment purchase (20%), and working capital (20%)
Risk Factors
- Concentrated ownership with 86.8% voting control by two shareholders post-IPO
- Material weaknesses in internal control over financial reporting
- Dependence on limited number of LCP-certified physicians (only 3 serving 3 clinics)
- Reliance on a few key suppliers (top 3 accounted for 29%, 27%, 13% of purchases)
- Dual-class share structure may limit Class A shareholder influence and reduce index inclusion
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| F-1/A Filing (Primary) | 0001213900-26-033679 |
| Document: ea024717711ex23-1.htm | 0001213900-26-033679 |
| Document: 0001213900-26-033679-index-headers.html | 0001213900-26-033679 |
| Document: 0001213900-26-033679-index.html | 0001213900-26-033679 |
| Document: 0001213900-26-033679.txt | 0001213900-26-033679 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Apr 29, 2026 25w ago | F-1/A | — | awaiting T+20 | — | — |
Mar 25, 2026 30w ago | F-1/A | — | awaiting T+20 | — | — |
Mar 9, 2026 32w ago | F-1/A | — | awaiting T+20 | — | — |
US Market Status
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