HPP Holding Berhad (“HPP Holdings” or the “Company”) has made its debut on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Securities) as the first listing this year.
HPP Holdings’ Initial Public Offering (“IPO”) attracted strong interest, with the offering to the Malaysian public being oversubscribed by 33.44 times. The stock name has been as HPPHB and stock code 0228. Price was at RM0.36 per share. Meanwhile, the opening volume is 12,742,500 unit shares with an opening price of RM0.570.
Non-Independent Non- Executive Chairman, Lau Kim Wah said “We started from humble beginnings and persevered to differentiate ourselves through quality, reliability and expertise in delivering packaging printing for our clients’ products”.
This offset packaging printing specialist will raise proceeds of approximately RM31.9 million, of which RM13.0 million will be utilised for capital expenditure such as acquisition of printing machines, RM7.8 million for repayment of bank borrowings, RM5.2 million for working capital and RM2.0 million for sales and marketing expenses. The remaining proceeds of RM3.9 million will be for defrayment of IPO expenses.
HPP is confident that being listed on the ACE Market Bursa Malaysia will elevate their status and accelerate the expansion plans alongside their capable leadership on board.