The company targets to be listed in 2023, they already need to start the listing process latest by 2022. How much is heir net profit in the past few years? The net profit has to be at least 3-4m for year 2020, 2021 and 2022.

Yup, I was referring to listing in ACE market. Usually companies without strong PAT like you mentioned would go for ACE. There's no written rule for PAT requirement for those companies who want to list on ACE, but minimum for the past 3 years cumulatively should be PAT RM10 - 15m, for eg. REVENUE GROUP, SECUREMETRIC etc.

But if they are able to generate such profits, may not be necessary to go for fund raising for now oredi. Might as well wait for IPO fund raising, or get bank borrowings first for now.