KUALA LUMPUR: Shares in Topmix Bhd opened at 41 sen a share on its trading debut, representing a 32.3% or 10 sen premium over its initial public offering (IPO) price on the ACE Market of Bursa Malaysia.
The counter had an opening volume of 12.25 million shares
As at 10.30am, shares in the total surface decorative products company were trading 37.1% over its reference price at 42.5 sen, off an earlier peak of 45.5 sen.
The public portion of Topmix's IPO, which raised total proceeds of RM25.6mil, was oversubscribed 58.61 times.
Of the funds raised, RM11.3mil will be directed towards general working capital, while RM6mil will facilitate business expansion, marketing and sales initiatives, including the establishment of a new sales office and warehouse expansion.
Additionally, Topmix has allocated RM5.3mil for the expansion into MFC products assembly.
The remaining RM3mil will be set aside to cover listing expenses.
Topmix posted a net profit of RM2.84mil in the fourth quarter of its 2023 financial year, bringing the full-year's net profit to RM8.39mil.
Its revenue during the quarter was RM21.64mil, ending FY23 with a cumulative revenue of RM72.68mil.
There are no comparative figures available as this was the group's first interim financial report filed with Bursa Malaysia.
