Before its official debut on the Main Market of Bursa Malaysia, scheduled for 17 April 2026, Empire Sushi had already proven one thing clearly. Investor confidence in the business was exceptionally strong.
The company’s initial public offering was oversubscribed by 23.3 times, with total demand reaching 1.336 billion shares for just 55 million shares offered to the Malaysian public. Both institutional and retail portions were fully taken up, reflecting broad-based confidence across the market.
Upon listing, Empire Premium Food Bhd, the operator of the Empire Sushi chain, is expected to achieve a market capitalisation of RM770 million, based on its IPO price, which values the company at approximately 20 times its earnings for the financial year ended March 31, 2025 (FY2025).
This level of demand does not happen by chance. It is built on a business model that has already demonstrated scale, profitability, and consistency.
Strong Financial Performance Leading Into the IPO
Behind the IPO momentum is a company delivering solid financial results.
For the nine-month period ended December 31, 2025, the group recorded revenue of RM216.8 million, alongside pre-tax profit of RM48.0 million and net profit of RM35.1 million.
This indicates strong underlying performance and operational efficiency, even during a period of expansion and preparation for listing.
At an IPO price of 70 sen per share, the company is raising RM152.6 million, with proceeds largely allocated towards expansion, refurbishment of outlets, and working capital.
The Beginning of Empire Sushi
At the core of this success is Empire Sushi Sdn Bhd, a brand that fundamentally changed how sushi is consumed in Malaysia.
When Nicole Lim Xui Jhi founded the business, sushi was largely positioned as a dine-in experience. It was often associated with higher prices and longer dining times.
Nicole chose a different path. She simplified the product, the experience, and the pricing.
Instead of opening a traditional restaurant, the company launched a kiosk model. Customers could walk up, select individual sushi pieces, pay quickly, and continue their day.
This decision reduced operational costs, increased transaction speed, and allowed the business to scale faster than conventional restaurant formats.
From Two Employees to a Nationwide Brand
What began as a small operation with just two people has grown into a nationwide chain.
Today, Empire Sushi operates more than 130 outlets across Malaysia, employs over 1,000 people, and generates approximately RM235 million in annual revenue.
This growth was not driven by premium pricing strategies.
Instead, it was built on a high-volume, accessible model.
By offering sushi at affordable price points, the company significantly expanded its customer base. By placing outlets in high-traffic shopping malls, it ensured consistent demand. By maintaining efficient operations, it enabled rapid expansion.
The result is a business that converts everyday consumer traffic into sustained, large-scale revenue.
The Entrepreneurial Mindset Behind the Growth
Nicole Lim’s journey into entrepreneurship was shaped early in life.
Growing up in a middle-class family with entrepreneurial parents and grandparents, she developed both the ambition to build a business and the discipline to sustain one.
In the early stages, her focus extended beyond growth metrics. She prioritised job security for employees and sought to improve their quality of life as the company expanded.
This people-first approach translated into structured talent development, strong internal culture, and long-term retention strategies. In an industry often challenged by high turnover, this became a key differentiator.
Localisation as a Growth Strategy
Another critical factor behind the brand’s success is its ability to adapt to local preferences.
Rather than strictly adhering to traditional Japanese flavours, Empire Sushi introduced elements that resonate with Malaysian consumers.
This includes familiar ingredients, bold flavour combinations, and products designed for convenience and speed.
By doing so, the company made sushi more approachable and relevant to everyday consumers.
Sushi was no longer seen as an occasional indulgence. It became an everyday option.
Scaling Empire Sushi Through IPO
The IPO represents a transition from national success to regional ambition.
A significant portion of the funds raised will be used to open 77 new outlets over the next four years, alongside upgrading existing locations and strengthening operational capabilities.
Currently, the group operates around 140 outlets, with the majority based on its takeaway model and a smaller portion under its quick dine-in concept.
This expansion strategy is built on a proven formula. If the model works efficiently at scale within Malaysia, it can be replicated across new markets.
Looking ahead, the company’s ambition is clear.
Empire Sushi aims to become the leading grab-and-go sushi brand in Southeast Asia.
The Core Idea That Drove the Business
At the heart of the company’s journey is a simple but powerful mission:
“Empire Sushi Sdn Bhd aims to be the pioneer in affordable and quality grab-and-go sushi in Malaysia, with a commitment to providing supreme sushi at an affordable price for everyone.”
This principle has guided every stage of the company’s growth.
It shaped the pricing strategy.
It influenced the operational model.
It defined the brand’s positioning in the market.
Empire Sushi did not attempt to outcompete established players on the same terms. Instead, it created a new space within the market by making sushi more accessible, more convenient, and more affordable.
That shift unlocked a much larger customer base and created a scalable business model.
As the company prepares for its listing, the key question is no longer whether the model works.
The real question is how far this model can go when applied across Southeast Asia.
Sources: 1| 2| 3| 4| 5
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