At the opening bell, the home furniture and home living products retailer saw 15.19 million shares changing hands.

However, it ended the day on a positive note, up 1.5 sen or 6% at 26.5 sen with a market capitalisation of RM212 million. It was the third most traded stock on the exchange with 148.35 million shares changing hands.

It raised a total of RM50 million from the IPO, of which RM35.19 million will be used to set up new retail outlets while the balance will be for the repayment of bank borrowings, marketing activities, general working capital, and payment of listing expenses.

With the capital raised from the IPO, managing director and CEO Wong Choong Loong said the group is well-poised to execute its expansion strategy, which entails the opening of 18 new outlets within the next three years.

It also plans to implement enhancements to its information technology infrastructure. “This (involves) migrating to a new enterprise-wide resource planning (ERP) system, enhancing our e-commerce website, and upgrading our SSFHOME mobile application,” he said at the opening bell today.

Moving forward, he said SSF is confident the home furnishing retail industry will continue to flourish.

Its revenue grew from RM129.4 million in the financial year ended April 30, 2020 (FY2020) to RM174.5 million in FY2023, delivering a compound annual growth rate of 10.5%.

Operating since 1990, SSF offers a comprehensive range of furniture, home decor and home living products. It has over 41 retail outlets across Peninsular Malaysia, Sabah, and Sarawak.

M&A Securities Sdn Bhd was the adviser, sponsor, underwriter and placement agent for the IPO exercise.