And now in countries like Malaysia, the good news is that licensed platforms are affording the public to participate in equity crowd-funding and peer-to-peer lending options. There is also the Leap Market in which companies not quite ready for a full blown listing are able to get listed.
KUALA LUMPUR: Wegmans Holdings Bhd
made a steady debut on the ACE Market of Bursa Malaysia on Tuesday when it opened at 30.5 sen, which was 1.5 sen above its offer price of 29 sen a share.
At 9.06am, it was trading 30.5 sen. There were 25.6 million shares traded at prices ranging from 30 sen to 31 sen.
The FBM KLCI was up 6.02 points or 0.33% to 1,848.64. Turnover was 193.49 million shares valued at RM95.06mil. There were 324 gainers, 53 losers and 160 counters unchanged.
Under its listing exercise, Wegmans raised RM29mil from its offer of 100 million new shares.
A total of 7,744 applications for 433.63 million shares with a value of RM125.75mil were received from the Malaysian public for the 25 million shares made available, representing an overall oversubscription rate of 16.35 times.
Kenanga Investment Bank Research said with an expectation of capacity growth alongside Wegman’s group’s strength in design, it foresees stronger financials in FY19.
“We derived our fair value range of 31 sen to 33 sen based on targeted FY19E price-to-earnings ratio range of 9.5 times to 10 times, in-line with its closest peer – Homeritz,” it said.
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