From left: Mahesh Rupawalla, John Yap Poh Keong, Paul Yap Ban Foo, Datuk Siow Kim Lun, Freddy Yap Sin Sang, Mashitah Osman and Tevanaigam Randy Chitty.
KUALA LUMPUR: Retail technology solutions provider Radiant Globaltech Bhd
closed at 53 sen, or 130% above its offer price on its debut on the ACE Market on Tuesday.
At 5pm, it had closed at 53 sen, or a premium of 30 sen over the offer price of 23 sen.
It rose to a high of 65 sen in early trade. It was activitely traded with 179.56 million shares done.
The FBM KLCI rose 4.97 points or 0.28% to 1,762.93. Turnover was 3.35 billion shares valued at RM2.68bil. There were 574 gainers, 383 losers and 425 counters unchanged.
Radiant group’s retail technology solutions are used in the retail sector to automate customers’ operations, in order to increase efficiency and reduce costs.
Its solutions are used for capturing and processing payments (that is point of sale), inventory management, analytics and reporting, as well as sales and marketing (i.e. customer loyalty management).
Its customers include department stores, hypermarkets, supermarkets as well as retail chains and convenience stores. These include Giant, Cold Storage, AEON Big, Parkson, Watsons, Guardian and 99 Speedmart.
Its managing director Paul Yan Ban Foo said the company would push ahead to expand its customer base to increase its revenue and seek new opportunities in various industries.
He was looking to extend the company's expertise in retail technology solutions to different retail customer types, such as shopping centre retailers, airport retailers and utilities retailers, going forward.
“Moreover, we are also eyeing opportunities to serve food and beverage (F&B) retail chains directly, building on our current scope of services provided through third parties.
“We believe that this strategy would enable us to grow alongside the healthy and recession-proof sector, hence reinforcing our position in the retail technology solutions market,” said Yap.
Under its listing exercise, its offer of 11 million new shares to the public was oversubscribed by 6.73 times.
There were 2,193 applications for 84.98 million from the public.
Under the listing exercise, Radiant Group raised RM29.5mil, of which nearly half or RM14.6mil was for expansion and RM4.8mil for working capital.
The remaining RM6.6mil would be to repay bank borrowings and RM3.5mil for listing expenses.
Alliance Investment Bank Bhd is the principal adviser, sponsor, sole underwriter, and placement agent for the listing exercise.
Among those present at the listing ceremony were the CEO of Alliance Investment Bank Bhd Mahesh Rupawalla and officials of Radiant Globaltech including its chairman Datuk Siow Kim Lun, Paul Yap, executive director John Yap Poh Keong, executive director Freddy Yap Sin Sang and non-executive directors Mashitah Osman and Tevanaigam Randy Chitty.
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