ACE Market entrant Infomina surges 50% at the open

KUALA LUMPUR: Regional technology solutions provider Infomina Bhd kicked off its first trading day on Bursa Malaysia with heavy buying interest.

At the opening bell, the ACE Market debutant jumped 20 sen or 50% over its initial public offering price to 60 sen a share.

By 9.20am, the share price had retraced lower to 55 sen on the back of over 84 million shares traded.

In an previous statement, Infomina managing director Yee Chee Meng has said of the proceeds of RM32.47mil, the company plans to allocate RM13.96mil (43%) to working capital and RM7.6mil (23.4%) to strengthen its research and development capabilities.

A sum of RM5.53mil (17%) will be for regional expansion, RM890,000 (2.7%) will be used for branding, marketing and promotional activities, while the remaining RM4.5mil (13.9%) will be used to defray listing expenses.

Earlier this month, the group announced a pre-tax profit of RM5.8mil on revenue of RM41.9mil for the three months ended Aug 31, 2022.

The bulk of the revenue for the quarter was contributed by the group’s technology infrastructure operations, maintenance, and support services segment which made up RM29.5mil or 70.3% of total revenue.

The segment mainly consists of revenue recognised from the group’s contract for the provision of core banking applications for financial services institutions in the Philippines and Thailand.

Yee said at the time the group's outstanding orderbook stood at about RM443.6mil.