PURR-FECT RESPONSE FROM THE PUBLIC! KUCINGKO BERHAD’S IPO OVERSUBSCRIBED BY 99.02 TIMES
PURR-FECT RESPONSE FROM THE PUBLIC!
KUCINGKO BERHAD’S IPO OVERSUBSCRIBED BY 99.02 TIMES
KUALA LUMPUR, 16 JULY 2024– Kucingko Berhad (“Kucingko” or the “Company”), an established 2D animation production services provider, is pleased to announce that the Malaysian public portion of the Company’s initial public offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) has been oversubscribed by 99.02 times.
Kucingko’s IPO exercise involves a public issue of 100.0 million new ordinary shares (“Issue Shares”) and an offer for sale of 100.0 million existing ordinary shares (“Offer Shares”) (collectively the “IPO Shares”), which represents an aggregate of 40.0% of the enlarged number of ordinary shares of the Company. The IPO Shares will be offered in the following manner:
Malaysian public
· 25.0 million Issue Shares, representing 5.0% of the enlarged number of ordinary shares, are allocated for application by the Malaysian public, with half of this allocation reserved for Bumiputera investors.
Eligible persons
· 10.0 million Issue Shares, representing 2.0% of the enlarged number of ordinary shares, are allocated for application by the eligible directors, key senior management, employees, and associates who have contributed to the Kucingko’s success.
Private placement to selected investors
· 165.0 million IPO Shares (comprising 65.0 million Issue Shares and 100.0 million Offer Shares), representing 33.0% of the enlarged number of ordinary shares are allocated by way of private placement to selected investors.
The Company received a total of 21,929 applications for 2,500,507,000 Issue Shares worth RM750.2 million from the Malaysian public, representing an oversubscription rate of 99.02 times. The Bumiputera category saw 7,242 applications for 822,427,600 Issue Shares, with an oversubscription rate of 64.79 times. The Public category recorded 14,687 applications for 1,678,079,400 Issue Shares, indicating an oversubscription rate of 133.25 times.
Meanwhile, the 10.0 million Issue Shares available for application by the eligible directors, key senior management, employees, and associates who have contributed to the Kucingko’s success were fully subscribed.
Under the private placement to identified institutional and/or selected investors comprising 65.0 million Issue Shares and 100.0 million Offer Shares, the placement portion has been fully covered.
Executive Director of Kucingko Berhad, Mr. See Chin Joo expressed his gratitude: “We are thrilled with the exceptional response to the IPO of Kucingko Berhad. This enthusiasm underscores the market’s confidence in Kucingko’s strategic vision and future within the animation industry. This high level of investor support further solidifies our capability, and ambition to scale our business to the next level, and more importantly our commitment to transform each pixel — the fundamental building blocks of animation — into a profitable narrative for our shareholders.”
Executive Director of Kucingko Berhad, Mr. Ooi Kok Hong added: “The outstanding reception of our IPO marks a historic milestone for Kucingko, as we will soon become the first animation production company to debut on Bursa Malaysia. We are excited to expand our production capabilities locally, tap into the talent pools in East Malaysia, and establish a new sales and marketing office in the USA. These initiatives will position Kucingko strongly to meet the increasing global demand for high-quality animation content on television and online streaming platforms. We are thrilled about what the future holds for Kucingko.”
Executive Director, Head of Group Investment Banking and Islamic Banking of Kenanga Investment Bank Berhad, Datuk Roslan Hj Tik stated: “The enthusiastic investor turnout for Kucingko’s IPO highlights the market’s confidence in the company’s future. We are proud to support Kucingko in this exciting journey and are confident in its continued success.”
