KUALA LUMPUR: Main market debutante, Dancomech Holdings
Bhd, closed the day higher in active trading, despite a weak broader market.
At 5 pm, it ended the day at its debut price of 80 sen, after moving within a narrow range of 79 sen and 84 sen throughout the day with 38.28 million shares transacted.
It opened at 80 sen, for a premium of five sen, over its issue price of 75 sen, with 3.07 million shares changing hands.
Dancomech, mainly involved in trading and distribution activities of the process control equipment and measurement instruments market, offered 24 million ordinary shares for subscription.
It planned to raise RM18mil from its initial public offering, whereby RM6.5mil would be allocated for the purchase of offices-cum-stores and RM1mil for equipment purchase.
The balance of the proceeds would be utilised for the repayment of bank borrowings (RM4.55mil), working capital (RM2.74mil) and listing expenses (estimated RM3.2mil). - Bernama