KUALA LUMPUR: The share price of TT Vision Holdings Bhd skyrocketed to RM1.49 a share at the opening bell, representing an over 300% increase from its initial public offering (IPO) price of 34 sen a share.
The manufacturer of machine vision equipment, which raised RM32.3mil from the IPO, made a public issue of 84.5 million new shares and an offer for sale of 10.5 million existing shares to selected investors by way of private placement.
The public portion of the IPO was oversubscribed 113.1 times.
It said of the proceeds from the public issue, it will utilise RM10.68mil for working capital and RM8mil for research and development.
The remainder of the proceeds will go towards bank borrowings, marketing activities and to defray listing-related expenses.
Based on its enlarged share capital of 468 million shares and issue price of 34 sen a share, the company had a market capitalisation of RM159.12mil upon listing.