On July 26, 2024, $KUCINGKO (0315.MY)$ made an impressive market debut with its shares skyrocketing by 111.67% from an issue price of RM0.3 to RM0.635 on its first day of trading.
The company announced the financial results for the first quarter of the fiscal year 2024, which ended in March, on Tuesday this week. The revenue was RM7.06 million, and the profit was RM1.765 million.
A total of 21,929 applications for 2,500,507,000 Issue Shares with a value of RM750.2 million were received from the Malaysian Public for 25,000,000 Issue Shares made available for application by the Malaysian Public, which represents an overall oversubscription rate of 99.02 times.
The proceeds from the IPO are earmarked for strategic expansion, including setting up new branch offices in Sabah and Sarawak, refurbishing existing facilities in Selangor, establishing a USA sales office, and bolstering working capital for operational expenses. Additionally, the funds will cover listing expenses, ensuring a smooth transition to public trading.
Kucingko, through its subsidiary Inspidea Pte Ltd, is a specialist in 2D animation production, providing high-quality services for animated series and short films. With a focus on international markets, including North America, Europe, and the Asia-Pacific, Kucingko boasts an impressive clientele that includes industry giants such as $Warner Bros Discovery (WBD.US)$, $Netflix (NFLX.US)$, Cartoon Network, and Nickelodeon. The 2D animation industry is digital and globally competitive, with Malaysia facing competition from countries like the Philippines, India, South Korea, and China.
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