KUALA LUMPUR: BMS Holdings Bhd
made a lacklustre debut on the ACE Market of Bursa Malaysia today, opening below its initial public offering (IPO) price of 22 sen per share.
The Johor-based building materials distributor began trading at 19.5 sen, down 2.5 sen from its IPO price.
At 10.12 am, the counter fell four sen, or 18.18%, to 18 sen, with 82.72 million shares traded, making it among the most actively traded stocks.
BMS raised RM80.08mil from its IPO. Of this amount, RM34.28mil will be used to expand operations and facilities, RM17mil to upgrade existing facilities and ICT systems, RM4mil for marketing, RM18.8mil for working capital and RM6mil to cover listing expenses.
The group posted a net profit of RM5.4mil for the first quarter ended Sept 30, with a PAT margin of 6.36%. Excluding one-off listing expenses of RM210,000, adjusted PAT rose to RM5.6mil, lifting the margin to 6.61%.
It recorded revenue of RM84.81mil and gross profit of RM28.62mil, translating into a gross profit margin of 33.75%.
