KUALA LUMPUR: Sum Technology Bhd has posted a strong start on its ACE Market debut, opening at 40 sen – a premium of 12 sen, or 42.9% – over its initial public offering (IPO) price of 28 sen.
The integrated turnkey solutions provider extended its gains in early trade yesterday, with its shares jumping 76.79%, or 21.5 sen, to 49.5 sen at 10.58am.
The counter was the second most actively traded stock on Bursa Malaysia, with 144 million shares changing hands.
At 5pm, the stock closed up 24.5 sen, or 87.5%, to 52.5 sen, with 193.7 million shares traded.
“Today marks an important milestone for Sum Technology as we embark on our journey as a listed company.
“Since our establishment, we have steadily built our capabilities and track record in delivering cleanroom and MEPF (mechanical, electrical, plumbing, and firefighting) engineering solutions across various high-tech and industrial sectors,” executive director and chief executive officer Lee Thiam Hing said in a statement yesterday.
“The IPO proceeds will strengthen our financial position and support our next phase of growth, including expanding our engineering capabilities, strengthening our regional presence and increasing our participation in larger-value projects.
“We would also like to express our appreciation to Malacca Securities Sdn Bhd for its guidance and support throughout this listing process,” he added.
Sum Technology raised RM32.76mil from its IPO through the issuance of 117 million new shares at 28 sen apiece.
The IPO comprised 22.5 million shares allocated to the Malaysian public, 4.5 million shares for eligible employees, 33.75 million shares placed out to selected investors and 56.25 million shares allocated to selected bumiputra investors approved by the Investment, Trade and Industry Ministry.
