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The property developer made a flat debut earlier this morning, with its shares opening unchanged from its IPO price of 80 sen.
At 3.15pm, its share price stood at 77 sen, down 3 sen or 3.75% from its 80 sen IPO price.
The counter was the most actively traded stock today with over 873 million shares exchanging hands according to Bursa’s website.
SkyWorld’s IPO marked the third largest listing in Bursa so far this year.
The IPO involves the issuance of 208 million new shares to the public and the potential sale of up to 192 million existing shares.
Out of the RM320 million raised, RM166.4 million will be raised through the sale of new shares.
The remaining RM153.6 million will be obtained through the sale of existing shares held by the company’s founder and non-independent executive chairman, Ng Thien Phing, and non-independent executive director, Lam Soo Keong @ Low Soo Keong.
SkyWorld has set aside RM100 million (60%) of the funds to procure land for future development, while RM35 million (21%) has been allocated for working capital required for project development.
Additionally, RM20 million (12%) will be used to repay bank borrowings, while the remaining RM11.2 million (7%) will be utilised for expenses related to the IPO.
For the fourth quarter of the financial year ending March 31, 2023 (Q4 FY2023), the group recorded a net profit of RM58.21 million, supported by a revenue of RM225.95 million.
For the whole of FY2023, SkyWorld achieved a net profit of RM144 million, generated from a revenue of RM841.11 million.
Ng, the group’s founder and chairman, said that these results represented the highest revenue and net profit in the company’s history.
He also expressed SkyWorld’s intention to explore opportunities in the Vietnam market within the next three years.
“We haven’t signed any sales and purchase agreements yet, but it should be soon,” he said, adding that a detailed plan of SkyWorld’s project in Ho Chi Minh City will be provided to shareholders in 2023.
On the domestic front, the group plans to expand its presence beyond Kuala Lumpur into other areas in the Klang Valley including Subang Jaya, Petaling Jaya, Selayang, and Ampang Jaya.
The group plans to launch 10 new developments by 2026, with an expected total gross development value (GDV) of RM4.1 billion.
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