KHPT Holdings Bhd made a strong debut on the ACE Market of Bursa Malaysia by opening at 29 sen, a 45% premium increase from its issue price of 20 sen per share.
KHPT Independent Non-Executive Chairman Datuk Noripah Kamso said the listing marks a significant business milestone for the company as it positions them for further growth in the automotive industry.
Noripah said they have successfully raised RM21.73 million through the public issue of 108.644 million new ordinary shares priced at 20 sen per share.
She added that the company’s public issue share, made available to the Malaysian public via balloting, was oversubscribed with a total of 28,532 applications for with approximately of 2.52 billion shares.
“The oversubscription of our initial public offering (IPO) signals strong investor confidence in our proven track record and growth prospects, as well as the beginning of our gradual expansion, both in Malaysia and potentially into international markets, setting the foundation for long-term value proposition for our customers, investors, and shareholders.
“With a market capitalisation of RM80.48 million, we are strategically positioned to leverage our established relationships with Proton and Perodua,” she said.
She revealed that more than 75% from the fund raised will be utilised for capital expenditure in which 50.8% or RM11.05 million will be directed toward the purchase of press machines, 20.7% or RM4.5 million will go towards purchase of automation equipment, 2.1% or RM0.45 million will be used for renovation of Telok Panglima Garang factory and 1.7% or RM0.37 million to be allocated for the purchase of an overhead crane.
“The remaining proceeds of RM0.7 million and RM4.66 million have been earmarked for working capital and listing expenses respectively,” she said.
The company’s listed shares are classified as Shariah compliant by the Shariah Advisory Council of the Securities Commission Malaysia.
KAF Investment Bank Bhd is the principal advisor, sponsor, underwriter and placement agent for KHPT’s IPO exercise.
