KUCINGKO, the first publicly listed 2D animation production company, opened at a whopping 168.33% premium over its initial public offering price (IPO) on its debut on Bursa Malaysia’s ACE Market.
Shares of Kucingko was traded at 80.5 sen at the opening bell.
Kucingko specialises in providing high quality 2D animation production for global broadcasters and streaming platforms and is one of the largest animation production company in Malaysia.
Kucingko’s IPO raised total gross proceeds of RM30.0 mil, with RM17.8 mil going towards capacity expansion, including the establishment of production branch offices in East Malaysia to tap into the skilled local talent pool and upgrade the existing operational office in Selangor.
A total of RM4.4 mil for setting up a sales office in the US to expand market reach, RM4.2 mil for working capital and RM3.6 mil for listing expenses.
Kucingko Berhad executive director See Chin Joo said the successful listing is a major milestone for the company, which has earned significant recognitions globally, including a BAFTA nomination and several other international awards.
“It reflects the market confidence in the animation industry, and investors’ receptiveness towards unique companies with profitable track record,” he remarked.
“We are excited about the opportunities this will bring, allowing us to further expand our production capacity and reaching out to more global clientele.
“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.”
Meanwhile, another executive director Ooi Kok Hong said the company’s goal is to continue to up its game in delivering high-quality content for traditional television and streaming platform, and this Bursa listing will support their efforts to achieve that goal.
“Talent building and continued investment in the best talent is high in our priority. 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,” he remarked.
“We are building all these initiatives for sustained growth and success in the global animation market.” – July 26, 2024
