IPO Listings in the last Quarter of 2023

Since the beginning of 2023, the IPO listings in Bursa Malaysia has been active and starting off strong with 9 companies successfully listed in the just the first quarter of 2023 alone. The momentum from this strong head start was being carried forward to the rest of the year and cumulatively, a total of 24 companies were listed in both ACE Market and Main Market from Q1 up to Q3 of 2023. The last quarter of 2023 saw another 7 companies listed in Bursa Malaysia, making the grand total of IPO listings in 2023 to 31 companies.

Source: Bursa Malaysia

The Q4 of 2023 saw 6 companies listed in the ACE Market, namely, SSF Home Group Berhad, Minox International Group Berhad, Plytec Holding Berhad, Panda Eco System Berhad, Critical Holdings Berhad and Jati Tinggi Group Berhad, while only one, CPE Technology Berhad, was listed in the Main Market.

Let’s start with companies listed on ACE Market.

SSF Home Group Berhad, a furniture and home-living products retailer, made a moderate debut on the ACE Market and closed at RM0.265, making around 6% from its initial IPO price of RM0.25. At its closing price of RM0.265, SSF Home is valued at RM212 million.

In SSF Home expansion plan, the company is planning to open 18 new retail stores in the next 3 years, raising the total number of its retail stores from the current 41 stores to 59 stores.

Minox International Group Berhad made a promising debut at the ACE Market when it opened at RM0.315, a 26% premium to its initial IPO price of RM0.25, which translates to market capitalization of RM113.4 million. Minox, through its subsidiaries, is principally involved in the distribution of stainless-steel sanitary valves, tubes and fittings, installation components and equipment, rubber hoses under the “Minox” brand and other related products.

Plytec Holding Berhad made a flat debut on the ACE Market and closed lower than its initial IPO price at RM0.325, around 7.14% from its initial IPO price of RM0.35. Plytec was the fourth worst-performing IPO so far this year after Radium Development Berhad, Synergy House Berhad and SkyWorld Development Berhad.

Formerly known as Sudut Swasta Group, Plytec is principally involved in the provision of construction engineering solutions and services, and the trading and distribution of core and general building materials for construction projects.

Panda Eco System Berhad made an impressive debut on the ACE Market by closing at RM0.29, a 81.25% premium to its initial IPO of RM0.16. Panda’s IPO generated significant interest, with the balloting portion for the Malaysian public oversubscribed by 153.5 times. Panda Eco is a retail management solutions provider involved in the development, customization, implementation and integration of Retail Management Eco-system for its customers.

Critical Holdings Berhad ended its maiden trading day at RM0.57, a hefty gain of 62.8% from its initial IPO price of RM0.35. This makes Critical Holdings the 12^th best performing IPO amongst the 31 new stocks listed on Bursa Malaysia this year.

Critical Holdings and its group of subsidiaries provide MEP engineering solutions and MEP maintenance and services for critical facilities, namely, plant rooms, cleanrooms and data centres. The end-user markets it serves include the semiconductor, pharmaceutical and solar photovoltaic panel manufacturing sectors as well as data centre, co-location services, telecommunications, hotel and medical facilities sectors.

Jati Tinggi Group Berhad opened at RM0.305 on its maiden trading day on the ACE Market, a 12.96% premium to its initial IPO price of RM0.27. This premium translates to a market capitalisation of RM121.46 million for the company.

Jati Tinggi is involved in the provision of underground and overhead utility engineering services and solutions, engineering, procurement, construction and commissioning of electricity substations (EPCC), as well as the trading of substation equipment and street lighting. The group’s major customers are mainly the main contractors appointed by Tenaga Nasional Bhd, who are involved in electricity supply projects.

Moving forward to company listed on the Main Market. 

There’s only one company listed on the Main Market in Q4 2023, i.e. CPE Technology Berhad. CPE Technology ended its maiden trading day at RM0.915, about 14.5% down from its initial IPO price of RM1.07, making the company the third most underperforming IPO this year, after Radium Development Berhad and Synergy House Berhad.

CPE is involved in the manufacturing of precision-machine parts and components, besides the provision of computer numerical control machining services. Its key clients are based in the United States, Singapore and Malaysia in the semiconductor, life science and medical devices, and sports equipment industries.