Ssf Home Opens Flat At 25 Sen On Ace Market Debut

KUALA LUMPUR, Oct 12 (Bernama) -- SSF Home Group Bhd, a home furniture and home living products retailer, made a flat debut on Bursa Malaysia's ACE Market today by opening at its initial public offering (IPO) price of 25 sen.

At the opening bell today, the counter saw 15.19 million shares changing hands.

On its listing, SSF Home will have a market capitalisation of about RM200 million based on the issue price of 25 sen per share and the enlarged share capital of 800 million shares.

SSF Home has raised a total of RM50 million from the IPO exercise, of which RM35.19 million will be used to set up new retail outlets while the balance is allocated for the repayment of bank borrowings, marketing activities, general working capital, and payment of listing expenses.  

Managing director and chief executive officer Wong Choong Loong said with the capital raised through the IPO, the group is well-poised to execute its expansion strategy, which entails the opening of 18 new outlets within the next three years.

“In addition, we intend to implement enhancements to our information technology infrastructure.

“This encompasses us migrating to a new enterprise-wide resource planning system, enhancing our e-commerce website, and upgrading our SSFHOME mobile application,” he said in his speech at the opening bell here today. 

Moving forward, he said SSF Home is confident that the home furnishing retail industry will continue to flourish. 

SSF Home's revenue grew from RM129.4 million in the financial year ended April 30, 2020 (FY2020) to RM174.5 million in FY2023, delivering a compound annual growth rate (CAGR) of 10.5 per cent.

“At SSF Home, we aim for a revenue growth rate that surpasses the sector at large,” Wong said.

M & A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for SSF Home’s IPO exercise.

-- BERNAMA