KUALA LUMPUR: Retail technology solutions provider Radiant Globaltech Bhd
surged during its debut on the ACE Market on Tuesday, opening at 50 sen, which was 27 sen above its offer price of 23 sen a share.
At 9.03am, it was trading at 60.5 sen, up 37.5 sen. There were 37.90 million shares traded at prices ranging from 48 sen to 65 sen.
The FBM KLCI was up 1.37 points or 0.08% to 1,759.33. Turnover was 107.23 million shares valued at RM56.37mil. There were 155 gainers, 74 losers and 189 counters unchanged.
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.
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).
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.
Limited time offer:
Just RM5 per month.
