KUALA LUMPUR: Powertechnic Group Bhd
made its debut today on the ACE Market of Bursa Malaysia at 40 sen, a five sen or 14.29%premium to its initial public offering (IPO) price of 35 sen.
In a statement, Powertechnic said the IPO raised approximately RM22.05mil through the issuance of 63 million new shares.
Of the total proceeds, RM4.5mil (20.4%) will be used to establish new product showrooms and sales offices with storage and marketing space, RM3.8mil (17.2%) for capital expenditure, mainly on automated machines, RM2.8mil (12.7%) for repayment of bank borrowings, RM6.65mil (30.2%) for general working capital, and RM4.3mil (19.5%) to cover listing expenses.
Powertechnic said the listing reflects investor confidence in the group’s established track record and strategic growth plans.
“The group’s comprehensive portfolio, marketed under its own Powertechnic brand, serves industrial, commercial and residential markets across Malaysia and Singapore.
“Its in-house engineering capabilities and commitment to tailored solutions have cemented Powertechnic’s reputation for quality and customer-focused innovation,” said its independent non-executive chairman Teh Kee Sin.
He said the positive market response endorses the company’s strategy to enhance automation and expand its footprint in targeted regions, including Penang and Sarawak.
“With the funds raised from this IPO, we are well-positioned to accelerate our growth plans and deliver greater value to our stakeholders,” he added.
TA Securities Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO. — Bernama
