KUALA LUMPUR: MST Golf Group Bhd
made its debut on the Main Market of Bursa Malaysia at 70.5 sen a share, a 12.97% discount to the initial public offering (IPO) price of 81 sen a share.
The golf equipment retailer raised RM129.6mil from the IPO, which will go towards the company's expansion
Group executive director and CEO Ng Yap said in a statement the Covid-19 period had resulted in a global golf boom that attracted a significant influx of new golfers, espectially from the younger generation and women's demographic.
Meanwhile, he said there are growth opportunities in Malaysia and Singapore in alignment with the group's expansion plans, with the availability of locations and favourable rental terms, including in major shopping malls, for its three-in-one store concept.
"Given our strong business foundation in Malaysia and Singapore, coupled with our well-established business-to-consumer brand and support from the global brands, we are confident in successfully rolling out our business expansion plan for the next three years and beyond.
"Close to 90% of the IPO proceeds have been allocated for our domestic and regional expansion, underscoring our commitment to growth in the region,” he said.
MST Golf plans to expand its golf retail business and is eyeing to penetrate new geographical area such as Indonesia, Thailand and Vietnam.
According to Ng Yap, these markets present tremendous growth opportunities for the Group, and MST Golf is eager to build its retail business from the ground up in these countries.
