The price of the newly listed shares of Johor Plantation is stable and rising

Johor Planting (JPG, 5323, main board implant stock) landed on the main board of Malaysian stocks. Although the opening price was only 84 cents, which was the same as the initial price, it was still favored by investors after listing and gradually increased. As of 10 a.m., it had reported 90 cents, an increase of 6 cents, or 7.14%.

During this period, the stock peaked at 93 cents.

Dr. Tan Sri Dato' Sri Ismail, Chairman of Johor Plantation Group, said, “I think this reflects the strong support of investors for the Group.”

“We hope that the Group's plans to develop downstream industries will further boost market demand.”

Johor Plantation is owned by the Johor Corporation (JCorp). This round of initial public offering reached a scale of up to RM0.7 billion and 35 million, making it the largest listing event on the Malaysian Stock Main Board in the past two years.

In this initial public offering, the Group issued a total of 0.4 billion64 million new shares, and shareholders sold 0.4 billion11 million of existing shares, totaling 0.8 billion75 million shares.

The 0.464 billion new shares issued aim to raise RM0.3 billion89.8 million for capital expenses to build a comprehensive sustainable oil palm park and replant oil palm trees.

After expanding its share capital, the group included a total of 2.5 billion shares, with a market capitalization of RM2.1 billion.

According to the prospectus, the group promised to allocate 50% of net profit after tax each fiscal year and distribute dividends to investors.

In this round of initial public offerings, Societe Generale Investment Bank acted as chief advisor, joint global coordinator, joint book custodian, underwriting manager, and co-underwriter, respectively.

Malaysia Investment Bank and CIMB are also acting as joint global coordinators, joint bookkeepers, and joint underwriters.