United Asiapac Energy Bhd opened at its IPO price of RM0.35 on its debut on Bursa Malaysia’s ACE Market today, before easing 0.5 sen to RM0.345 in early trading.
The stock recorded a last done price of RM0.345 as of 9am, down 1.43% from its previous close.
Its last adjusted closing price (LACP) stood at RM0.35, matching its opening price and IPO issue price.
United Asiapac Energy had priced its IPO at 35 sen per share, raising RM48.73 million from the public issue of 139.22 million new shares.
The upstream oil and gas services provider plans to use nearly half of the proceeds to purchase well intervention tools and equipment, while other allocations include a new corporate office, workforce expansion, debt repayment and the recruitment of engineers.
The company provides well intervention services including fishing, plug and abandonment and sidetracking for Malaysia’s upstream oil and gas sector.
Its IPO attracted strong demand, with the Malaysian public portion oversubscribed 21.02 times after receiving 8,800 applications for 605.44 million shares.
United Asiapac Energy had originally planned to list on Aug 19 but postponed the debut to Sept 14 to allow the issuance of a supplementary prospectus containing clarifications and updates on a new contract.
Ahead of the listing, its subsidiary Asiapac Oil & Gas also secured an interim injunction preventing a winding-up petition from being filed against it, with the court scheduled to hear the company’s Fortuna injunction application on Nov 5.
