Farm Fresh made its debut on the Main Market of Bursa Malaysia this morning. It also marks the largest listing on Bursa Securities since June 2021 given its market capitalisation of RM2.5 billion.
Farm Fresh, through the public issue portion of its IPO, raised a total of RM301.0 million of which RM140.0 million is intended for establishing a new manufacturing hub, a new dairy farm and an integrated facility in Malaysia, RM60.0 million has been earmarked for the expansion of its production facility in Australia, RM40.0 million for regional expansion outside Malaysia, RM40.8 million for working capital whilst RM20.2 million has been allocated for listing related expenses.
The stock is listed under the Consumer sector (Name & Code: FFB & 5306). The share price opened at RM1.70, with an opening volume of 27,243,100 shares. At the point of writing, its shares traded at RM1.85, with premium of RM0.50 , which translates to 37% premium.
“Our listing today is a great milestone in our journey towards becoming a regional player in the FMCG space. We have exciting plans laid out to further grow our business and improve our market penetration,” Farm Fresh Group Managing Director and Group Chief Executive Officer Loi Tuan Ee said.
“With the support and participation of our stakeholders, we intend to venture into new regions and markets to extend our presence. With the growing consumer demand for fresh milk products, I am confident Farm Fresh is able to deliver quality products and value to consumers,” he added.
For listing exercise, CIMB IB is the sole principal adviser, joint global coordinator, joint bookrunner, joint managing underwriter and joint underwriter for the IPO. Maybank Investment Bank Berhad is the joint global coordinator, joint bookrunner, joint managing underwriter and joint underwriter. Credit Suisse Securities (Malaysia) Sdn Bhd and Credit Suisse (Singapore) Limited are also participating as the joint global coordinators and joint bookrunners for the listing of Farm Fresh. Affin Hwang Investment Bank Berhad, AmInvestment Bank Berhad, Hong Leong Investment Bank Berhad and RHB Investment Bank Berhad are the joint underwriters for the IPO.
