Cloudaron Group made a strong debut when it opened at 15 sen, up four sen from its offer price of 11 sen.
At 9.10am, it was up 4.5 sen to 15.5 sen with 110,000 shares done.
The FBM KLCI was up 1.48 points or 0.08% to 1,756.26. Turnover was 181.77 million shares valued ar RM68.71mil. There were 135 gainers, 103 losers and 193 counters unchanged.
The Singapore-based company, which specialises in providing technology solutions for cloud, workspace transformation and services for business enterprises, issued 50 million shares or 6.4% of its enlarged share capital, to selected investors at an issue price of 11 sen per share.
The company currently generates its revenue mainly in Singapore and Malaysia, with regional expansion plans in Indonesia and the Philippines.
Its key clients include RHB Bank, the Monetary Authority of Singapore (MAS), and the Bank of Singapore.
Cloudaron intends to pay an annual dividend of up to 20% of its future net profits.
For the financial year ended March 31, 2017, Cloudaron registered a net profit of S$1.72mil (RM5.34mil).
“For a young, growing technology company, the decision to go public is indeed an exciting development for us at Cloudaron.
“Besides organic growth, Cloudaron will be exploring acquisitions to further accelerate growth,” said Cloudaron managing director and CEO Ong Chang Jeh.
The LEAP market is an alternative platform for small and medium enterprises (SMEs) to raise capital in an efficient, fast, and transparent marketplace for their business growth.
Additionally, the LEAP market gives them the visibility of being a listed entity and assists these companies in their transformation to better governance and operational standards.
Trading on the LEAP market is limited to sophisticated investors, who are categorised as accredited investors, high net worth entities with total net assets exceeding RM10mil, or high net worth individuals whose net personal assets exceeds RM3mil or gross annual income exceeding RM300,000.
Bursa Malaysia Bhd CEO Datuk Seri Tajuddin Atan said the LEAP market is the first listing platform of its kind in Asean.
“The LEAP market will not only help promote capital formation for SMEs, but it will also further strengthen the role of the capital market in the growth of small and mid-cap companies,” he said.