Cloudpoint Technology commenced trading on the ACE Market of Bursa Malaysia Securities Berhad today making an impressive debut, launching at an opening price of RM0.75, reflecting a premium of 97% over the Initial Public Offering (“IPO“) price of RM0.38 per share.
Cloudpoint’s IPO generated significant interest, with the balloting portion for the Malaysian public oversubscribed by an exceptional 112.94 times. For the first quarter ended 31 March 2023 the group’s net profit tripled to RM3.0 million compared to RM0.9 million in the corresponding quarter of the preceding year.
During the listing ceremony, Mr. Choong Wai Hoong, Executive Director and Chief Executive Officer of Cloudpoint said “our IPO is perfectly timed to capitalise on these evolving trends, aligning us with tremendous market opportunities. Cloudpoint prides itself on a strong track record of delivering IT solutions to top-tier enterprise clients and remains committed to investing in our customers’ success and achieving the best possible business outcomes for our customers.
With the proceeds of RM40.4 million raised through this IPO, Cloudpoint is well-positioned to accelerate its growth, expand its market share, and solidify its standing as a trusted IT partner in the industry.
As we look ahead, I am filled with excitement for the future of Cloudpoint. Backed by our dedicated team, stakeholders’ confidence, and the prospects presented by the ever-evolving technology landscape, we are poised for even greater accomplishments. We will continue to innovate, excel, and create value for all”, Mr Choong added.
M&A Securities Sdn Bhd is the Principal Adviser, Sponsor, Sole Underwriter and Placement Agent for Cloudpoint’s IPO.
