KUALA LUMPUR: Piling and foundation specialist, Aneka Jaringan Holdings Bhd made a firm debut on the ACE Market on Tuesday, opening at 35 sen, which was two sen over its offer price of 33 sen.
At 9.03am, it was trading at 34.5 sen, up 1.5 sen. There were 17.71 million shares traded at prices ranging from 32 sen to 35 sen.
The FBM KLCI was up just 0.04 of a point to 1,518.35. There were 511.35 million shares traded valued at RM201.19mil. There were 178 gainers, 163 losers and 319 counters unchanged.
Its offer of 26.90 million shares to the public was oversubscribed by 12.68 times. There were 9,094 applications for 368.07 million shares from the public for the shares.
The IPO involved the issuance of 139.89 million new shares at 33 sen apiece.
Of the RM46.16mil in total proceeds, RM17.30mil will be used to purchase rotary drilling rigs and crawler crane. The rest will be for repayment of borrowings (RM24.26mil) and to defray IPO expenses (RM4.60mil).