KUALA LUMPUR: Techbond Group Bhd made a strong share market debut today, with its shares up 27% at one point in early morning trade.

The industrial adhesive and sealants manufacturer jumped 27.27%, or 18 sen to 84 sen. It hit a high of 87 sen. The counter is currently the second top gainers and second most active counters on Bursa Malaysia with 46.3 million shares traded.

The company is seeking to raise RM39.67mil from its initial public offering (IPO), will spend the bulk of the proceeds to finance its expansion in Vietnam.

According to its prospectus, it is issuing 60.10 million new shares at an issue price of 66 sen each.

Of the 60.10 million new shares, it will offer 11.50 million units to the public, 6.0 million to eligible directors and employees and 23 million shares to be paced out to Bumiputera investors approved by the Ministry of International Trade and Industry. The remaining 19.60 million shares will be 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.

Its largest market was Vietnam, followed by Malaysia and Indonesia which, collectively, accounted for 85.9% to RM88.7% of its revenue.