KUALA LUMPUR: Shares in Vetece Holdings Bhd made their debut on the ACE Market of Bursa Malaysia at twice the price of their inital public offering (IPO).
The enterprise information technology solutions provider jumped 100% over its IPO price of 25 sen a share to 50 sen.
It hit a high of 50.5 sen a share before easing back to 44.5 sen after 38 million units traded, making it the second most active security on Bursa Malaysia as at 10.28am.
Veteces' portfolio includes application integration and single sign-on management, data engineering and analytics, customer relationship management, software testing, and both on-premise and cloud infrastructure.
The company plans to expand its enterprise IT solutions portfolio with artificial intelligence (AI) technology, as there is a growing demand for companies to implement AI solutions.
It also plans to continuously strengthen the company’s enterprise application integration and enterprise data engineering and analytics solutions.
Based on previous statements, the group will allocate RM2.2mil or 9% of the total proceeds to introduce AI-driven data handling and analytic solutions to complement its existing enterprise IT solutions offerings, and RM3.3mil or 13.4% will be utilised to strengthen its Singapore operations, leveraging the country’s role as a gateway to the Asia Pacific region.
Vetece said to further expand its geographical footprint, RM3.8mil or 15.5% is earmarked to establish COE, which will allow the group to remotely execute overseas projects from Malaysia, ensuring data security, cost-efficiency and serving as a demonstration centre to showcase its enterprise IT solutions.
Meanwhile, it said RM6.5mil or 26.6% will be used for hardware and software licencing fees, RM4.0 million or 16.3 per cent for loan repayments, and RM4.7mil or 19.2% for IPO-related expenses.
