Kainan Holding Group, a Malaysia-based provider of foreign worker recruitment and workforce management services, has filed with the US Securities and Exchange Commission to raise up to $20 million through an initial public offering.

The company plans to offer 4 million shares at a proposed price range of $4 to $6 per share. At the midpoint of the range, Kainan Holding Group would raise approximately $20 million and command a fully diluted market value of about $104 million.

Company Serves Malaysia’s Temporary Workforce Market

Kainan Holding Group provides workforce and human resources management services to corporate customers across Malaysia. Its operations include recruiting, deploying and managing casual and skilled temporary workers for customers in the manufacturing, construction and service industries.

The company also supports workers and corporate clients through onboarding, worker management and employment compliance services. Kainan bills customers based on attendance-confirmed worker days at contracted rates, creating a transaction-based model tied to workforce deployment.

IPO Follows Confidential Filing

The Shah Alam-based company was founded in 2007 and plans to list its shares on the Nasdaq under the ticker symbol KHG.

Kainan Holding Group initially filed its IPO registration confidentially on March 23, 2026, before submitting its public filing on Monday. The offering is expected to be led by D. Boral Capital, which is serving as the sole bookrunner.

If completed at the midpoint of the proposed range, the IPO would provide Kainan with approximately $20 million in gross proceeds while establishing a public-market valuation of roughly $104 million on a fully diluted basis.

Investors Will Watch the Company’s Expansion Potential

Kainan’s business is positioned around Malaysia’s demand for temporary and foreign labor across several major industries. Its combination of recruitment, deployment, worker management and compliance services gives the company exposure to multiple stages of the workforce management process.

The proposed Nasdaq listing would give investors an opportunity to gain exposure to a Malaysia-based human resources services provider operating across manufacturing, construction and service sectors.

The next key milestone will be the completion of the IPO process and final pricing. Investors will likely assess the company’s ability to convert its established workforce-management operations into sustainable growth as Kainan moves toward the US public markets.