From left: Kucingko independent non-executive chairman Lim Chor Gee, independent non-executive director Elaine Law Soh Ying, Kenanga Investment Bank Bhd head of group investment banking and Islamic banking Datuk Roslan Hj Tik, Kucingko executive director Ooi Kok Hong, executive director See Chin Joo, independent non-executive director Puar Chin Jong, non-independent non-executive director Ku Chia Loon, independent non-executive director Quah Bee Fong
KUALA LUMPUR: Shares in 2D animation studio Kucingko surged about 168% on its debut on the ACE Market of Bursa Malaysia after raising RM30mil in proceeds from its initial public offering (IPO).
Investors bought up the share to 80.5 sen at the opening bell, a 50.5 sen premium over its IPO price of 30 sen a share.
As at 10.43am, the buying frenzy had eased with the share price moderating to 58.5 sen a share.
Kucingko, which had a market capitalisation of RM150mil based on the IPO price of 30 sen a share, will be looking at capacity expansion by setting up production branch offices in East Malaysia and a sales office in the US.
Kucingko specialises in providing high quality 2D animation production for global broadcasters and streaming platforms and is one of the largest animation production companies in Malaysia.
The studio has earned significant recognitions globally, including a BAFTA nomination and several other international awards.
Executive director See Chin Joo said the group is excited over the successful listing, which will open up new opportunities.
"The funds raised will enable us to invest in building capacity locally and deepening our presence in the North American market, ensuring that we remain at the forefront of the animation industry," he said.
Another executive director, Ooi Kok Hong, added that the group's goal is continue delivering high-quality content for traditional television and streaming platforms.
The group's highest priority lies in talent-building and continued investment in the best talent.
"We will soon roll out our plans to collaborate with universities and state government agencies to nurture local talent and empower them with the right skillsets to contribute positively back to the industry.
"We are building all these initiatives for sustained growth and success in the global animation market," he said.
