KUALA LUMPUR: Manforce Group Bhd
made its debut on the ACE Market of Bursa Malaysia Securities Bhd today at 37.5 sen per share, a discount of 0.5 sen from its initial public offering (IPO) price of 38 sen.
As of 11 am, the counter fell 2.5 sen to 35.5 sen, with 389.82 million shares traded.
Its chairperson Tengku Faizwa Tengku Razif said the listing marks a major milestone in Manforce’s journey of growth and transformation.
"From our early beginnings managing a small pool of foreign workers, we have evolved into one of Malaysia’s most established and trusted workforce management companies.
"This IPO provides us with the financial foundation to expand our capacity, invest in technology, and further strengthen our compliance-driven business model,” she said in a statement.
Through the IPO, the comprehensive provider of foreign workers’ management services, manual labour services, and hostel management solutions raised RM30.40 million in gross proceeds from the issuance of 79.99 million new shares.
A total of RM14.74 million of the proceeds will be utilised for the expansion of business operations through new recruitment quotas; RM4.64 million for the enhancement of information technology and operational systems; RM6.32 million for working capital, and RM4.70 million for listing-related expenses. - Bernama
