KUALA LUMPUR: Manforce Group Bhd
made its debut on the ACE Market of Bursa Malaysia yesterday at 37.5 sen per share, a discount of 0.5 sen from its initial public offering (IPO) price of 38 sen.
At 5pm, Manforce fell 0.05 sen, or 1.32% to 32 sen with 69.83 million shares traded.
Its chairperson Tengku Faizwa Tengku Razif said the listing marked 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.
Furthermore, through the IPO, the comprehensive provider of foreign workers’ management services, manual labour services, and hostel management solutions raised RM30.40mil in gross proceeds from the issuance of 79.99 million new shares.
A total of RM14.74mil of the proceeds will be utilised for the expansion of business operations through new recruitment quotas; RM4.64mil for the enhancement of information technology and operational systems; RM6.32mil for working capital, and RM4.70mil for listing-related expenses.
Founded in 2005, Manforce has steadily evolved into one of Malaysia’s most established names in integrated workforce management.
The group provides end-to-end services encompassing human resources administration, immigration and regulatory processes, accommodation and transportation, payroll management, and medical and insurance coordination for foreign workers.
Its clientele spans across key industries such as manufacturing, services and construction sectors.
This is primarily across the food and beverage, retail, consumer goods, healthcare, property and automotive industries, supported by operations across Peninsular Malaysia.
