by AZALEA AZUAR / Pic by TMR FILE
SNOWFIT Group Bhd was at 16 sen per share on its debut at Bursa Malaysia’s LEAP Market on Tuesday.
The provider of massage and wellness equipment has a share capital of RM25.3 million.
Twenty-nine investors subscribed for 21.1 million of the new shares at 12 sen per share before the listing.
SnowFit will use RM400, 000 of its listing proceeds, where RM0.40 million to expand its showrooms network in Perak and Penang.
The expansion is in line with the group’s efforts to reach the northern peninsula market.
It also plans to spend RM1 million on new equipment.
It currently has two showrooms which are located in Balakong, Selangor and Johor Baru, Johor and also sells its products online.
The group is in the process of exiting its musical instrument business which will cease operations when stocks are sold out.
SnowFit MD Low Cheng Yong said it plans to open more branches in the coming years as part of its roadmap. He said the company hopes to eventually list on the ACE Market.
“We hope that our company can keep on growing, let our customers enjoy more benefits of healthcare or wellness products, and also that our team will get better,” he said.