Hydropipes Bhd, a LEAP Market industrial listing, today debuted on Bursa Malaysia. As of 3:59pm, the debutant’s shares traded at 28 sen, up by three sen or 12%, from its listing price of 25 sen.
According to Bursa’s online data portal, the new listing recorded a volume of 35,200 shares/units as of 4pm.
According to its IPO document, Hydropipes issued 16 million new shares that are worth RM4 million at 25 sen per share.
The IPO proceeds will be utilised within 12 months from the date of listing in the following manner:
(i) Purchase of raw materials costing RM2 million (50%) within six months
(ii) Allocated as working capital amounting to RM1.2 million (30%) within 12 months
(ii) Cost of listing expenses estimated at RM800,000 (20%) within the immediate term
As at Bursa’s closing at 5pm Dec 13, Hydropipes’ stock settled at RM0.30, rising by five sen.
