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...