By the mid-day break, the counter had given up some of its gains, settling at 58.5 sen, up 28.5 sen or 95%.

It was the second most actively traded stock on Bursa Malaysia with 137.8 million shares changing hands.

The first animation studio listed on Bursa Malaysia, Kucingko announced plans to expand its workforce to 510 by 2027, up from the current 260.

Its executive director See Chin Joo expressed optimism about the future of the two-dimensional (2D) animation production service company.

“We plan to grow the company to 510 people and this trajectory can be used as guidance for our potential growth,” See said during a virtual press conference following the listing.

Upon listing, See said the company anticipates collaboration with state governments and agencies to develop a robust talent pool, particularly in Sabah and Sarawak.

“Looking ahead, Kucingko needs to execute its plans meticulously to realise its potential.

“I foresee 2025 as an exciting year for Kucingko, given that all plans will be in place from now on,” he said.

Kucingko has achieved the distinction of being the first publicly-listed 2D animation production company on the local exchange.

At the start of trading, 13.45 million shares changed hands.

The company said the listing is expected to raise approximately RM30 million, with RM17.8 million allocated for capacity expansion, including establishing production branch offices in East Malaysia and upgrading the existing operational office in Selangor.

“RM4 million of the proceeds will be used to set up a sales office in the US, RM4.2 million for working capital, and RM3.6 million for listing expenses,” it said.