Market Mover | Cropmate Berhad Rose by 7.5% on Its IPO Debut

Moomoo IPO Hub wrote a column · Dec 5, 2024 10:32

On 5th December, 2024, Cropmate Berhad $CRPMATE (0331.MY)$ rose by 7.5% on its first trading day, reaching RM0.215 from an initial issue price of RM0.20, with a turnover of RM33.85 million. Moreover, the public portion of its initial public offering (IPO) was oversubscribed by 84.88 times.

Market Mover | Cropmate Berhad Rose by 7.5% on Its IPO Debut

Significantly, Cropmate Berhad published its financial report for FY24Q3 on 15th November. The report revealed that the company's revenue for the quarter reached RM45.35 million, with a net profit of RM3.46 million and earnings per share (EPS) of 0.65 sen.

Cropmate Berhad is primarily an investment holding entity. Its subsidiary is engaged in the formulation and blending of both conventional and specialty fertilizers, including the trading of bulk fertilizers and other related products. Cropmate Group markets its conventional fertilizers primarily under the brand "Cropmate-Dua Daun", with a smaller portion of its revenue coming from the brand "Cropmate-Kincir Angin". Specialty fertilizers are offered under the sub-brand "CM Miracle".

The funds raised, totaling RM42 million, will be allocated towards several key areas: working capital, capital expenditure, acquisition of factory and listing expenses.