KUALA LUMPUR: Greatech Technology Bhd
made a firm debut on the ACE Market of Bursa Malaysia on Thursday, opening at 63.5 sen, which was 2.5 sen sen above its offer price of 61 sen.
At 9.03am, it was up five sen at 66 sen. It was the most active with 28.54 million shares done at prices ranging from 68 sen to 63.5 sen.
The FBM KLCI fell 7.5 points or 0.45% to 1,643.24. Turnover was 63.74 million shares valued at RM38.57mil. There were 73 gainers, 96 losers and 130 counters unchanged.
The IPO involved 119.75 million new ordinary shares, out of which 18.78 million were opened to the public.
Greatech raised RM73.05mil from its initial public offering and plans to expand its operations to the US and China.
The Penang-based industrial automation solutions provider is planning to take their expertise and technology to the Silicon Valley and Shanghai.
Upon listing its market capitalisation was of RM381.86mil.
Out of the RM73.05mil it raised, RM18mil would be for business expansion, development and marketing. A huge chunk of this will be parked in the US.
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