From left: RichTech Digital senior independent non-executive director Koon Wan Kan, independent non-exucutive director Yeoh Jie Hu, independent non-executive director Tan Yeon Kieng, executive director Agnes Wong Eei Nien, managing director Lee Teik Keong, substantial shareholder Yau Ming Teck, independent non-executive chairman Wong Koon Wai, KAF Investment Bank Bhd co-head and corporate finance director Ahmad Fazlee Aziz and corporate finance director Yap Chin Fatt
KUALA LUMPUR: RichTech Digital Bhd's shares tripled in value as trading of the stock commenced on the ACE Market on Monday, leaping from an initial public offering (IPO) price of 25 sen a share to 75 sen.
The electronics reload and bill payment service provider, which raised RM13.67mil from an IPO, saw a flurry of buying interest from the get-go.
However, it failed to maintain the stratospheric price gains.
By 9.30am, profit-taking had kicked in to provide counterbalance and bring the share price lower to 40 sen apiece, which still stood at a lofty 60% premium to the IPO price.
With 59 million shares traded, the share was the third most active counter on Bursa Malaysia.
RichTech had revealed at its prospectus launch the IPO funds would go towards expanding its end-user base for its SRS Appl and SRS Portal, acquiring a new office and working capital.
In the fourth quarter ended Dec 31, RichTech posted a net profit of RM939,000, bringing its full-year net profit for FY24 to RM6mil.
Quarterly revenue stood at RM1.8mil, bringing total revenue for the year to RM9.2mil.
There are no comparative figures as this was RichTech’s first interim financial announcement ahead of its listing.
"Today’s listing on the ACE Market represents a significant milestone for RichTech as we embark on our next phase of growth. This achievement underscores our commitment to delivering innovative and reliable solutions for electronic reloads and bill payment services.
"We are excited about the opportunities ahead and remain focused on driving innovation, expanding our market presence, and creating sustainable value for our stakeholders," said RichTech non-independent non-executive chairman Wong Koon Wai in a statement.
