KUALA LUMPUR (Dec 12): Kucingko Bhd is offering up to 100 million new shares in an initial public offering (IPO) as it seeks to list on the ACE Market of Bursa Malaysia, according to its prospectus exposure filed on Tuesday (Dec 12).

The animation production services company said the 100 million new shares comprise a public offering of 25 million shares via balloting, 10 million shares for eligible directors and employees of the group, while the remaining 65 million shares are for private placement to selected investors.

Meanwhile, Kucingko is also planning an offer-for-sale of 100 million existing shares by way of private placement to selected investors.

According to the draft prospectus, the group intends to utilise the IPO proceeds to finance its capital expansion plan and working capital.

“We have an established track record of 21 years in the provision of 2D animation production since the commencement of our business in 2002.

“We serve customers across six to eight foreign markets in North America, Asia Pacific and Europe. Revenue of our 2D animation production services is entirely derived from foreign countries.

“Our ability to serve multiple markets covering numerous foreign countries as well as the important entertainment market in North America provides us with an addressable market to sustain and grow our business,” it said.

Kucingko, controlled by See Chin Joo and Andrew Ooi Kok Hong, is principally involved in 2D animation production services.

Kenanga Investment Bank Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO.