KUALA LUMPUR: Kucingko Bhd opened at a whopping 168.33 per cent premium over its initial public offering price (IPO) on its debut on Bursa Malaysia's ACE Market.
Shares of Kucingko - the first publicly listed 2D animation production company - was traded at 80.5 sen at the opejing bell.
Kucingko specialises in providing high quality
2D animation production for global broadcasters and streaming platforms and is one of the largest animation production company in Malaysia.
It has earned significant recognitions globally, including a BAFTA nomination and several other international awards.
Kucingko's IPO raised total gross proceeds of RM30.0 million, with RM17.8 million going towards capacity expansion, including the establishment of production branch offices in East Malaysia to tap into the skilled local talent pool and upgrade the existing operational office in Selangor.
A total of RM4.4 million for setting up a sales office in the United States of America to expand market reach, RM4.2 million for working capital and RM3.6 million for listing expenses.
Executive director See Chin Joo said the successful listing is a major milestone for Kucingko.
"It reflects the market confidence in the animation industry, and investors' receptiveness towards unique companies with profitable track record.
"We are excited about the opportunities this will bring, allowing us to further expand our production capacity and reaching out to more global clientele."
See added that the funds raised will enable us to invest in building capacity locally and deepening its presence in the North American market, ensuring that it remains at the forefront of the animation industry.
Another executive director Ooi Kok Hong said it will soon roll out itu plans to collaborate with universities and state government agencies to nurture local talent and empower them with the right skillsets to contribute positively back to the industry.
"We are building all these initiatives for sustained growth and success in the global animation market," he added.