PETALING JAYA: Bus builder Bus Cap Bhd has made its debut on the ACE Market of Bursa Malaysia by opening at 26 sen per share – which was a 13.04% premium to its initial public offering (IPO) price of 23 sen.
At 5pm, the stock rose 8.5 sen to close at 31.5 sen. Bus Cap said its IPO generated immense market interest, with the Malaysian public portion oversubscribed by 72.24 times.
The public tranche attracted 9,992 applications for 1.40 billion shares, comprising 5,142 bumiputra applications for 648.69 million shares and 4,850 non-bumiputra applications for 755.34 million shares.
The company said the public issue raised RM24.69mil in gross proceeds to fund its next phase of operational growth.
“Bus Cap has allocated RM9.10mil to construct a new factory adjacent to its existing premises in Silibin, Ipoh and RM5.03mil to purchase new semi-automated machines.
“The remaining funds will be deployed for working capital (RM6.16mil) and estimated listing expenses (RM4.4mil).
“Bus Cap added the new factory will feature a semi-automated bus body fabrication line designed to advance the manufacturing of standardised modular parts.
“The semi-automation will improve production efficiency, reduce reliance on manual labour – ultimately increasing our annual production capacity by approximately 15%, from 168 to 194 buses.”
