Piling and foundation specialist Aneka Jaringan Holdings Berhad (“Aneka Jaringan”) made its debut on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) at 9 a.m. today, with an opening price of RM0.35 and opening volume of 14,443,600 unit shares.
The stock is named ANEKA with the stock code 0226, and the Initial Public Offering (“IPO”) was RM0.33 per share, translating to a listing market capitalisation of RM177.57 million. Notably, the IPO was oversubscribed by 12.68 times and approximately RM46.16 million was raised.
RM17.30 million from the raised amount will be utilized for the purchase of rotary drilling rigs & crawler crane, RM24.26 million for repayment of borrowings, and RM4.60 million to defray IPO expenses.
“This IPO is the outcome of the efforts and commitment by Aneka Jaringan’s team who has strived tirelessly over the years to realise our vision. Just as how our expertise in foundation gives our clients a solid start, the IPO gave us the platform to realize our aspirations and accelerate our expansion plans.
I have every confidence that our team will scale greater heights as we move further into regional opportunities. This is just the beginning of a new journey for Aneka Jaringan and we look forward to building more successes in years to come” said Tan Gim Foo, the Independent Non-Executive Chairman of Aneka Jaringan.
On a separate note, Alliance Investment Bank Berhad is the Principal Adviser, Sponsor, Sole Underwriter, and Placement Agent for Aneka Jaringan’s IPO.
