Agmo Holdings Bhd debuted on the ACE Market of Bursa Malaysai today at RM0.80, representing a premium of 207.7% over its IPO price of RM0.26.
The Group’s IPO registered a positive start, with the 16.25 million new shares made available for the Malaysian public being oversubscribed by 120.15 times. Additionally, the 6.50 million shares made available to eligible directors, key senior management, employees, and business associates were fully subscribed, while the 62.25 million shares made available by way of private placement to selected investors had been fully placed out.
Of the RM22.10 million in proceeds raised from the IPO, Agmo has allocated RM9.47 million for investments in dedicated R&d and sales, marketing, and business development teams; as well as dedicated technical support and maintenance services division.
Agmo Holdings will also invest RM6.22 million as working capital and related capital expenditure to cater for the expansion of its mobile and web application development and digital platform-based services as well as the setting up of a new office.
Approximately RM2.54 million of the proceeds will be utilised for establishing a training and development centre, to be known as Agmo Academy, while RM0.69 million has been allocated for the Group’s regional expansion to Singapore, and the remaining RM3.18 million for listing expenses.
“With the proceeds raised from the IPO, we will expedite our growth initiatives and continue our efforts to put the Group in a stronger position to pursue future opportunities, even as we continue to innovate our product offerings,” said Tan Aik Keong, CEO of Agmo Holdings.
“As we begin our journey today as a public-listed entity, we will certainly continue to work diligently and strategically to take the company to new heights and deliver sustainable value to all our stakeholders,” he added.
