Topmix's ink debuts at a half-day premium of 40.32%

Topmix (TOPMIX, 0302, GEM), the first local interior decoration manufacturer to create its own brand, was listed on the GEM board of the Malaysian Stock Exchange today, with a half-day market break of 43.5 cents, a premium of 12.5 cents or 40.32% over the initial public offering (IPO) price of 31 cents.

Topmix opened the market with 41 cents in early trading, a premium of 10 cents or 32.26% over the initial public offering (IPO) price of 31 cents, or 32.26%. The initial transaction volume was 12.25 million shares.

When the market was closed at noon, Topmix's stock price was 43.5 cents, and the trading volume was 101.29 million shares. For the time being, it is the second most popular stock.

Topmix is a company that sells interior surface decoration products and operates through its subsidiaries. In addition, the company cooperates with third party suppliers to independently design products.

The company's customer base is mainly hardware sellers, interior designers, and real estate developers.

Topmix, founded in 2006, initially imported high pressure layer (HPL) products from China. However, as customer demand for the latest design trends continued to increase, the company decided to build its own brand and change from an importer and intermediary of surface materials to a manufacturer of surface materials. This transformation has enabled Topmix to better meet customer needs for innovative and high-quality products and enhance their competitiveness.

Zhao Yuexiang, managing director of Topmix, said that the listing was an important milestone in the company's journey to a new chapter, and demonstrated the board's commitment to push the company forward and strengthen Topmix's market position as an interior decoration manufacturer.

The RM11.3 million raised from the IPO was used for daily working capital, RM6 million as capital needed to expand the business, RM5.3 million to expand the melamine-faced chipboard (MFC) business, and the remaining RM3 million was used to cover listing expenses.

Additionally, the company plans to set up a sales center in Penang to meet the needs of North Malaysian customers more quickly. Meanwhile, as existing warehouses in Subang Jaya are no longer able to handle growing demand, the company plans to expand the warehouse to ensure more cost-effective and timely delivery to serve customers.