KUALA LUMPUR: Techbond Group Bhd
, which manufactures industrial adhesives, was in the spotlight on Wednesday as it made its trading debut on the Main Market amidst the gloomy Bursa Malaysia.
It rose to a high of 87 sen, or 21 sen above its offer price of 66 sen a share.
At 9.44am, it was up 18 sen to 84 sen with 46.3 million shares done at prices ranging from 87 sen to 80.5 sen.
The FBM KLCI was down 7.97 points or 0.47% to 1,687.02. Turnover was 454.79 million shares valued at RM241.76mil. There were 99 gainers, 346 losers and 196 counters unchanged.
It raised RM39.67mil from the issuance of 60.10 million new shares.
Of the 60.10 million new shares, it offered 11.50 million units to the public, six million shares to eligible directors and employees and 23 million shares were paced out to bumiputra investors approved by the Ministry of International Trade and Industry.
The remaining 19.6 million shares were placed out to selected investors.
Out of the RM39.67mil proceeds, it plans to use RM10mil to build a factory, RM17.24mil to purchase machinery and equipment and RM7.43mil as working capital. The remaining RM5mil will be used as listing expenses.
Techbond said 90% of its revenue is from the development and manufacture of industrial adhesives namely water-based and hot melt adhesives for the past four financial years.
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