KUALA LUMPUR (June 23): HSS Holdings Bhd (KL:HSSBAKERY) staged a muted ACE Market trading debut on Tuesday amid broader market weakness.
Shares of the bakery products firm opened at 18 sen, unchanged versus its initial public offering (IPO) price, and remained in a tight range of between 17.5 sen and 20 sen. HSS Holdings ended the day flat after more than 90 million shares changed hands.
Based on the last price, the Johor-based company’s market capitalisation was RM90 million.
Ahead of the listing, HSS Holdings’ IPO shares were oversubscribed by 11 times by retail investors.
HSS Holdings markets a range of bakery products — including cookies, biscuits, cakes and snacks — under its own brands such as SINAR. These products are produced in-house, outsourced to third-party manufacturers and suppliers, or sourced directly from brand owners.
The company is unrelated to listed construction services firm HSS Engineers Bhd (KL:HSSEB).
HSS Holdings raised RM13.5 million from public issue of new shares for expansion and operations. The IPO also grossed another RM9.45 million for managing director Goh Chen Chang and Essential Family Ventures Sdn Bhd controlled by private equity investors See Toh Kean Yaw and Joseph Lee.
M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.