KUALA LUMPUR: Topmix Bhd made a strong debut on the ACE Market with an opening price of 41 sen per share, or 32.3% above its initial public offering price of 31 sen.
The share price of the supplier of surface decorative products closed at 42 sen with an intra-day high of 45.5 sen.
Topmix managing director Jack Teo Quek Siang said the group’s growth plans include broadening its product range.
“The group is expanding into the assembly of melamine-faced chipboard (MFC) products and catering to new customer segments like furniture manufacturers,” he said at a briefing after Topmix’s listing.
According to Teo, the newly constructed factory for its MFC products is expected to commence operations in June 2024.
“The MFC products provide a cost-effective option for furniture while complementing our existing high-pressure laminate surface decorative products.
“This allows us to offer customers complete and colour-coordinated products at competitive prices,” he added.
Topmix is also expanding its existing warehouse in Subang Jaya to an additional 10,000 to 15,000 sq ft from 7,115 sq ft now, as its production has almost reached full capacity.
Meanwhile, the group is looking to expand its presence in the northern region by establishing a sales office in Penang island to capture a larger market share.
Teo said consumer behaviour in the property sector has changed due to increased income levels resulting from the boom in semiconductor industry in the northern region.
“Currently, many house owners prefer to upgrade their interior designs for house renovations,” he said.
He expressed optimism in the industry’s outlook as the renovation trend is growing in Malaysia.
“Consumer behaviour has changed, especially among the younger generation and they demand better living spaces,” Teo said.
He said this is compared with two to three decades ago, when consumers tended to purchase ready-made furniture when they moved into a new home rather than doing renovations.
“We are currently looking at supplying to renovation contractors, interior designers and renovation companies specialising in interior design,” he added.
According to Teo, renovating commercial projects is also another area for Topmix to tap into as foot traffic is more likely to increase in renovated commercial areas.
The group is also enhancing its mobile application to incorporate augmented reality technology for a better visualisation tool.
The mobile application will introduce a 360-degree virtual tour of Topmix’s showroom to reach and engage customers regardless of their geographical location.
Topmix expects to grow its current 10% market share as the demand for renovation grows in Malaysia.