KUALA LUMPUR: Steel products manufacturer and trader Leform Bhd made its debut on the ACE Market of Bursa Malaysia at 19.5 sen a share, a discount of 3.5 sen or 15.21% from its initial public offering (IPO) price.
At the opening bell, the stock saw 8.38 million shares exchanging hands.
In an earlier statement, Leform managing director Law Kok Thye said the company plans to allocate the bulk of its IPO proceeds to the construction of a new headquarters, warehouse storage facility and workers' accommodation.
"The proposed new facility would boost our storage space capacity, thus allowing greater production output and in turn, yield higher operational efficiency.
"At the same time, we are also able to introduce a new product range of thicker gauge pipes to cater for the diverse needs of our prospective and existing customers," said Law.
Leform has a market capitalisation of RM340.6mil based on the issue price of 23 sen and enlarged share capital of 1.48 billion shares.