The developer and manufacturer of machine vision equipment and provision of related products and services made its debut on the ACE Market of Bursa Securities today.
TT Vision’s share price opened at RM1.49, representing a 338.24% premium over its issue price of RM0.34 per share, with an opening volume of 7.05 million shares.
It is listed under the stock name of ‘TTVHB’ and stock code of ‘0272’.
Notably, TTVHB’s public portion of its initial public offering (IPO) was oversubscribed by 89.15 times.
“For the past 21 years, the promoters and key senior management have been working relentlessly to grow TT Vision Holdings Berhad into what we are today. We aim to continue growing our company to greater heights and increase our market share in other prominent semiconductor, optoelectronics, and solar cells markets such as USA, Germany, South Korea, China, and Malaysia. The listing comes at an opportune time where we intend to capitalise on our listing status to sustain our growth momentum going forward,” TT Vision’s chief executive officer & executive director, Goon Koon Yin remarked.
The listing exercise successfully raised RM28.7 million through a public issue of 84.5 million
new TTVHB shares at RM0.34 per share. Of 37.2% or RM10.7 million of the proceeds will be utilised for working capital; whilst 27.9% or RM8.0 million will be for R&D expenditure; 20.9% or RM6.0 million will go towards the repayment of bank borrowings; 3.0% or RM0.9 million will be utilised for marketing activities; and 11.1% or RM3.2 million is to defray the listing-related expenses.
KAF Investment Bank is appointed as the principal adviser, sponsor, sole underwriter and sole placement agent for this IPO exercise.
