(Kuala Lumpur, 13th) Hock Soon Capital Berhad (HOCKSOON, 5346), a poultry and egg producer listed on the Main Market, debuted at a discount on its first trading day.
The stock opened at 53 sen, below its IPO price of 60 sen, and briefly fell to an intraday low of 50.5 sen, representing a 15.83% discount. By midday, it traded at 53.5 sen, down 10.83% from the IPO price, with trading volume reaching 46.35 million shares.
The company raised RM60 million through the issuance of 100 million new shares. Of the proceeds:
- RM53.5 million will be allocated to building a new poultry farm in Teluk Intan, Perak.
- RM6.5 million will cover listing expenses.
Currently operating a farm in Bidor, Perak, with daily egg production of approximately 1.63 million eggs, the company plans to build 25 additional closed-house poultry sheds over five years.
Upon completion, daily production is expected to increase to 3.16 million eggs, nearly doubling output.
Management highlighted two key growth drivers:
- A stronger ringgit reducing feed import costs
- Expansion and automation initiatives improving efficiency and margins
Malacca Securities acted as the principal adviser, sponsor, underwriter, and placement agent for the IPO.
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