KUALA LUMPUR: ES Sunlogy shares opened 1.7%, or 0.5 sen higher at 30.5 sen from its initial public offering price (IPO) of 30 sen on its debut on the ACE Market of Bursa Malaysia.
The mechanical and electrical (M&E) engineering services and renewable energy solutions provider rose one sen, or 3.33%, to 31 sen at 9.56 am.
It remains the most active counter on Bursa Malaysia, with 113.21 million shares traded.
ES Sunlogy raised RM42mil through its IPO. It will be allocating RM14.1mil or 33.6% of the proceeds raised from the IPO exercise to part finance the development and construction of Selarong large-scale solar photovoltaic (LSSPV) plant.
In addition, RM14mil will be used to repay borrowings and RM9.2mil will support the company's working capital needs.
Meanwhile, RM0.7mil would be used to purchase an enterprise resource planning system to enhance the group’s overall operational efficiency; and RM4mil for the IPO expenses.
