PETALING JAYA: Retail technology solutions provider Radiant Globaltech Bhd made a strong debut on the Ace Market of Bursa Malaysia at a 27 sen premium above its issue price of 23 sen.
The first trade was done at 10.554 million shares.
The initial public offering (IPO) raised RM29.5mil in proceeds, of which the group said RM14.6mil would be allocated for business and expansion while RM4.8mil would be used for working capital.
The balance RM6.6mil will be channelled towards repayment of bank borrowings and RM3.5mil for listing expenses.
The group, founded in 1994, is primarily involved in the provision of retail technology solutions, which consist of providing hardware and software for the retail industry, as well as maintenance and technical support services.
The group has operational presence in Malaysia, Vietnam and Cambodia.
In a statement, Radiant Globaltech said it planned to leverage on its elevated profile as a listed entity and use the proceeds raised to further expand its customer base.
Its list of clienteles includes departmental stores, hypermarkets, supermarkets as well as retail chains and convenience stores like Giant, Cold Storage, AEON Big, Parkson, Watsons, Guardian and 99 Speedmart.
Group managing director Paul Yap said the expansion of the group’s customer base would bolster its revenue stream and open up new possibilities in various industry segments.
“Given our strong track record, wide portfolio and proven capabilities, we are optimistic on securing more customers.
“Towards this end, we are looking to extend our expertise in retail technology solutions to different retail customer types such as shopping centre retailers, airport retailers and utilities retailers,” he said.
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