Automated manufacturing solution provider made its debut on the ACE Market today, traded at the opening price of 65 sen a share, with the premium of nearly 290% the initial public offering (IPO) price of 17 sen a share.
Its intra-morning high, was 75.5 sen a share representing a 344% gain for IPO subscribers.
As at 10am, the newly-listed ACE stock had seen 78.24 million shares exchanging hands, making it the second most actively traded counter thus far.
The group, via a wholly-owned subsidiary, is principally engaged in the provision of integrated production systems and standalone automated equipment. According to its prospectus, it is working on expanding its business operations, partly accelerated by its upcoming IPO.
Out of the RM25.5mil IPO proceeds, RM7.7mil has been earmarked for the purchase of new machines and RM14mil for working capital.
The group has diverse clientele which consists of global multinational manufacturers from various industries such as semiconductor products; electric vehicle and automotive components; solar system components, 5G telecommunication equipment components and whatnot.