KUALA LUMPUR: Shares in Ecosys Bhd surged as much as 179% in its trading debut on the ACE Market after an initial public offering (IPO) that raised RM39.34mil to fund its business growth.
In the opening minutes of trading, the industrial solutions provider jumped to an intra-morning high of 75.5 sen, 48.5 sen above its IPO price of 27 sen a share.
At the time of writing, the share was up 46 sen to 73 sen after 96.45 million shares exchanging hands, making it Bursa Malaysia's top traded counter.
Ecosys managing director Chan Chee Wei said during the prospectus launch that the IPO proceeds would support the expansion of the group’s abatement segment, strengthen its fabrication and operational capabilities and advance its presence in India.
“The IPO proceeds will support the expansion of our abatement segment, strengthen our UHP fabrication and operational capabilities, and advance our presence in India.
“We believe these initiatives will enhance our ability to serve customers and provide a stronger platform for sustainable growth across the regional pan-semiconductor ecosystem,” he said.
