07/06/2023 07:35 PM

KUALA LUMPUR, June 7 (Bernama) -- Technology company Edelteq Holdings Bhd, which made a debut on the Ace Market of Bursa Malaysia today, finished the day at 73 sen for a premium of 204.2 per cent over its initial public offering (IPO) price of 24 sen.

It was the third most active counter on the local bourse today with 104.52 million shares changing hands.

Earlier, Edelteq opened at 75 sen for a 51 sen or 212.5 per cent premium over the issue price.

On hitting the gong, the engineering support provider for integrated circuit assembly and test processes saw 9.01 million of its shares traded.

Edelteq is the 10th Ace Market listing this year, and its IPO entailed a public issue of 100 million new shares with the aim of raising RM24 million in proceeds.

Executive director and group chief executive officer Chin Yong Keong said the IPO received a strong reception with an oversubscription rate of 152 times, which reflected the overwhelming confidence and support from investors.

“With the funds raised through this IPO, we are well-positioned to execute our expansion plans and solidify our position as a key player in the industry.

“As we move forward, we will continue to focus on research and development, collaboration, and investment in cutting-edge technologies to deliver innovative, sustainable, and cost-effective solutions,” he said in his speech at the listing ceremony today.

Meanwhile, Bursa Malaysia CEO Datuk Muhamad Umar Swift said that with inclusion of the Edelteq listing, Bursa Malaysia was celebrating its 16th IPO for the year.

“This represents a 60 per cent increase from the same period (first half of) last year and we hope this momentum continues into the rest of the year, a vibrant 2023 IPO pipeline,” he said.

From the IPO exercise’s total proceeds of RM24 million, Edelteq has allocated RM3.7 million (15.3 per cent) for the construction of a proposed factory in Batu Kawan, Penang, and RM3.4 million (14.1 per cent) as working capital while RM3.1 million (12.9 per cent) will be used for research and development activities.

A further RM10.3 million (42.7 per cent) has been set aside for the repayment of bank borrowings, and the balance RM3.6 million (15 per cent) is for estimated listing expenses.

In terms of dividend policy, Edelteq has set a target of distributing up to 20 per cent of its annual profit after tax attributable to the shareholders of the group. 

UOB Kay Hian Securities (M) Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.


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