Friday 29 Mar 2024
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KUALA LUMPUR (Jan 21): Newly listed HPP Holdings Bhd saw its shares actively traded today — a day after its listing on the ACE Market — rising 26.76% or 19 sen to 90 sen just before lunch break. 

At 90 sen, the share is 150% higher than its initial public offering (IPO) price of 36 sen. 

Before the market's midday break, HPP Holdings was among the top 10 on Bursa Malaysia's gainers list and was the second-most active counter with 250.96 million shares traded. 

The offset packaging printing specialist is the first company to be listed on Bursa this year. Its IPO was oversubscribed by 33.44 times.

The company raised RM31.90 million from its listing, of which RM13 million will be for capital expenditure such as acquisition of printing machines, RM7.80 million to repay borrowings, RM5.2 million for working capital and RM2 million for sales and marketing expenses while the remaining RM3.9 million will be for defrayment of IPO expenses.

Its revenue is mainly derived from its customers in Malaysia, and it also exports to Singapore, Thailand, Myanmar, the US, Germany and Australia.

The group's revenue is mainly derived from printing and production of non-corrugated packaging, corrugated packaging and trading of rigid boxes.

Edited ByJoyce Goh
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