KUALA LUMPUR: Homegrown air fragrance company, Vanzo Holdings Bhd made a strong debut on the ACE Market of Bursa Malaysia, opening at 17.5 sen, up 16.7% from its initial public offering (IPO) price of 15 sen.
It is currently the most active counter on Bursa Malaysia, with 121.74 million shares traded. The counter rose 16.67%, or 2.5 sen, to 17.5 sen at 10 am.
The company aims to raise RM14mil through its IPO.
Vanzo has earmarked 47.2% of the proceeds for business expansion and marketing activities, 21.4% to repay bank borrowings, and the rest for working capital (5%) and listing-related expenses (26.5%).
The company’s expansion will include a plan to set up four new retail kiosks to raise Vanzo’s brand visibility and customer base.
M&A Securities Sdn Bhd is the IPO’s principal adviser, sponsor, underwriter, and placement agent.
