Farm Fresh rallies on Bursa debut

by TMR / pic by TMR FILE

FARM Fresh Bhd has debuted on the Main Market of Bursa Malaysia Securities Bhd today with a share price of RM1.70 per unit; a premium of 35 sen from its offer price of RM1.35. The share is currently trading at RM1.83.

At the opening bell, the counter saw 27.43 million shares changing hands.

The dairy farm company hit a high of RM1.86 and a low of RM1.70 in the first trading hours.

It is the most actively traded counter on the exchange this morning.

Farm Fresh is the biggest listing in the year to date.

The dairy business raised RM300 million from the exercise with the proceeds set to be invested in a new manufacturing hub, dairy farm and integrated processing facility in Malaysia, expansion of a production facility in Australia and fund its regional expansion to markets like the Philippines as well as for its working capital needs.

Farm Fresh previously said that the IPO has secured support from a record number of 30 cornerstone investors, the most seen in a Malaysian IPO to date.

Farm Fresh currently is the second-largest player in the ready-to-drink (RTD) milk category (which includes the chilled RTD milk and ambient RTD milk segments) in the first nine months of 2021, commanding an 18% market share.