SSF Home Group Berhad has debuted on the ACE Market of Bursa Malaysia Securities Berhad with an opening price of 25 sen, unchanged from its issue price, trading of 15,188,700 shares
Mr. Wong Choong Loong said, “With the capital raised through the IPO, we are now well-poised to execute our expansion strategy, which entails the opening of 18 new outlets within the next three years. In addition, we intend to implement enhancements to our information technology infrastructure. This encompasses us migrating to a new enterprise-wide resource planning system, enhancing our e-commerce website, and upgrading our SSFHOME mobile application. This will enlarge our presence across diverse locations within Malaysia and also enhance our digital capabilities, thereby advancing our competitive standing within the home furnishing retail industry.”
“For the financial years ended 30 April 2020 to 2023, revenue grew from RM129.4 million to RM174.5 million, delivering a compound annual growth rate of 10.5%. At SSF Home, we aim for a revenue growth rate that surpasses the sector at large,” Mr. Wong concluded.
To recap, the Group raised a total of RM50.0 million from the initial public offering (“IPO”). RM14.2 million (28.5%) will be used as capital expenditure and RM21.0 million (41.9%) as start-up costs for the set-up of new retail outlets. The balance RM14.8 million (29.6%) will be allocated towards repayment of bank borrowings, marketing activities, general working capital, and to defray listing expenses.
M & A Securities Sdn Bhd is the Adviser, Sponsor, Underwriter and Placement Agent for SSF Home Group Berhad’s IPO exercise.
