Manforce Group Bhd had a muted start to its ACE Market debut, slipping 1.32% to 37.5 sen in early trade as investors locked in short-term gains after its IPO was oversubscribed 2.07 times.
The counter debuted at 37.5 sen at 9 am, down 0.5 sen or 1.32% from its IPO price of 38 sen. The stock opened at 37.5 sen and traded within a narrow range of 37.5 sen throughout the morning session, with volume recorded at 9.48 million shares.
The counter briefly matched its opening level before slipping into mild negative territory, with buying interest appearing thin at 0.370 sen compared to selling at 0.375 sen. Market data showed buy volume of 1,321 lots against sell volume of 5,894 lots.
Manforce’s debut follows strong investor demand during its IPO exercise, which was oversubscribed by 2.07 times, reflecting healthy retail participation and institutional interest ahead of its transfer from the LEAP Market to the ACE Market.
The group raised RM30.4 million from the listing at 38 sen per share, with proceeds earmarked mainly for business expansion, IT system upgrades, working capital and recruitment quota expansion as it scales its foreign worker management services.
Research coverage ahead of the listing had placed a positive outlook on the group’s earnings trajectory, underpinned by recurring income from workforce management services across manufacturing, services and construction sectors.
Tengku Faizwa Binti Tengku Razif, Independent Non-Executive Chairperson of Manforce said, “Our listing today marks a major milestone in Manforce’s journey of growth and transformation. From our early beginnings managing a small pool of foreign workers, we have evolved into one of Malaysia’s most established and trusted workforce management companies.
“This IPO provides us with the financial foundation to expand our capacity, invest in technology, and further strengthen our compliance-driven business model. We are deeply grateful to our team, clients, and investors for their confidence and support as we embark on this next chapter.”
