KUALA LUMPUR: Nova Pharma Solutions Bhd make a steady debut on the LEAP Market of Bursa Malaysia on Friday, opening at 24 sen, which was four sen above its offer price of 20 sen.
There were just 1,000 shares done.
The FBM KLCI was up 2.48 points or 0.13% to 1,842.10.
The engineering solutions company, which focuses on the pharmaceutical and biotechnology sectors, raised close to RM2.5mil in proceeds.
It plans to use RM1.46mil of its proceeds to expand its business and working capital.
The remaining RM1mil would be used for the listing expenses.
At its price of 20 sen per share, the company was valued at a price-earnings ratio (PE) of 10.58 times of its FY16 earnings per share of about 1.89 sen.
Nova Pharma’s businesses are mainly in Malaysia, Indonesia and Taiwan and it has a more than 10-year track record in the industry.
Its customers includes Duopharma (M) Sdn Bhd in Malaysia and TaiMed Biologics Inc in Taiwan.