The counter rose to as high as 70.5 sen a share before easing to 49.5 sen at 10.30am, which was 14.5 sen or 41.43% over its reference price.
There was strong support for the share with some 83.62 million shares exchanging hands within the first 90 minutes of trade.
In a statement issued in conjunction with the listing, Volcano chairman Wong Wan Chin said the IPO will help with the expansion plans of the manufacturer of nameplates and plastic injection moulded parts.
"In today’s highly competitive business environment, this expansion will accelerate our move towards automation and streamline our manufacturing process to ensure sustainable growth.
"We seek to capitalise on our current regional presence, particularly in Thailand and Singapore, to tap into the immense business opportunities available from the rising growth of the electrical and electronics and automotive industries,” he said.
Wong noted that there are challenges ahead owing to fluctuations in raw material prices, exchange rates and the ongoing Covid-19 pandemic, but remains optimistic over future growth.
Volcano’s foreign market accounts for more than 95% of overall revenue in the financial year ended Dec 31, 2020.
Multinational companies comprise 90% of the sales including some leading brand names such as Bernina, Hewlett Packard, Fisher & Paykel Thailand, Donaldson Thailand, Sharp Indonesia and Panasonic Thailand.
During the offering, shares in Volcano made available to the Malaysian public were oversubscribed by 176.6 times.