Dairy producer Farm Fresh Bhd which made a strong debut on the main market on Tuesday (March 22) closed at RM1.72 at 5 pm with approximately 330 million shares traded.
Farm Fresh Bhd made its debut on the Main Market of Bursa Malaysia with a share price of RM1.70, representing a premium of 35 sen from its offer price of RM1.35. At the opening bell, the counter saw 27.43 million shares changing hands. The share price surged as high as RM1.86 and at midday, the share price closed at RM1.72
Farm Fresh, which is raising approximately RM1 billion from the IPO, is Malaysia’s largest IPO since June 2021. The listing involved an offer for sale of up to 520.2 million existing shares and a public issue of 223.0 million new shares.
Proceeds to the company of about RM301.0 million, raised via the public issue, will be used to establish a new manufacturing hub, dairy farm, and integrated processing facility in Malaysia, expansion of a production facility in Australia, regional expansion outside Malaysia, and for working capital together with listing expenses.
“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.
