3REN Berhad officially made its debut on the ACE Market of Bursa Malaysia Securities Berhad with an opening price of RM0.335, representing a 19.6% premium over its issue price of RM0.28 with an opening volume of 11.7 million shares. The Group is listed under the technology sector, bearing the stock name of ‘3REN’ and stock code of ‘0328’.
As part of its initial public offering (“IPO”) exercise, which involves a public issue of 110.0 million new shares, 3REN has successfully raised RM30.8 million, of which RM19.2 million has been allocated towards business expansion while the remaining balance of RM11.6 million will be channelled towards the repayment of bank borrowings and to defray listing expenses. Under the business expansion, RM7.2 million will be used to set up new delivery centres, RM5.1 million will be for research and development expenditure, RM3.0 million will be to establish a new Singapore office and RM3.9 million for working capital.
KAF Investment Bank Berhad is the principal adviser, sponsor, sole underwriter and sole placement agent for this IPO exercise.
