Sarawak-based construction firm Hartanah Kenyalang Bhd made its market debut today on Bursa Malaysia’s ACE Market, opening at its IPO price of RM0.16 per share as trading began.
As at 9.02am, the stock was last done at RM0.16 with a total volume of approximately 6.34 million shares traded. The intraday high was RM0.165, while the low stood at RM0.155. Buy volume amounted to about 3.5 million shares, with sell orders exceeding 9.8 million shares at RM0.165.
Hartanah Kenyalang’s IPO, launched in April, successfully raised RM19.3 million through a public offering of 198.4 million shares, representing 32% of the company’s enlarged share capital of 620 million shares. The IPO price was set at 16 sen per share.
The company intends to allocate 15.5% of the proceeds towards acquiring new machinery and IT equipment, 54.2% for project working capital, 10.9% for bank debt repayment and the remainder for listing expenses.
At listing, Hartanah Kenyalang’s indicative market capitalisation is approximately RM99.2 million.
TA Securities Holdings Bhd served as the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO.
Investors will be closely watching the stock’s performance throughout the day as it settles into trading on the ACE Market.
UPDATE: As of 9.05am, the IPO price noted a slight increase to RM0.165.
