KJTS Group Bhd was listed on the ACE Market of Bursa Malaysia today (Jan 26), opening at 44 sen, a premium of 17 sen or 62.96% compared to the initial public offering (IPO) price of 27 sen.
As of 9:01 a.m., the stock surged 70% or 19 sen to 46 sen.
The share was the second most traded in the early morning with over 72 million shares exchanging hands in the first half hour of trading.
The building support services provider said of the RM58.9mil raised from the IPO, RM44.9mil will be used for business expansion, including RM40.4mil for the expansion of the cooling energy segment and RM4.5mil for the expansion of offices in Malaysia, Thailand, and Singapore.
The remaining funds will be used for working capital and to defray listing expenses.
Trading volume topped the market, with 28 million shares changing hands.
