KUALA LUMPUR: iCents Group Holdings Bhd made a strong entrance on Bursa Malaysia’s ACE Market, opening at 29 sen – a five sen or 21 per cent premium over its initial public offer (IPO) price of 24 sen.
The stock soared by as much as 7 sen or 29 per cent, to hit 31 sen in early trade, becoming the most actively traded counter at market open with over 58 million shares changing hands.
The cleanroom solutions provider raised RM34.2 million from the listing.
iCents specialises in cleanroom solutions, offering end-to-end services including engineering, procurement, construction, testing, and commissioning for key sectors such as semiconductor and electronics manufacturing, pharmaceuticals, life sciences, and data centres.
Funds raised from the IPO will go towards the purchase of new machinery and equipment, as well as for business expansion, which includes establishing a new facility in Negeri Sembilan and opening new offices in Indonesia, Singapore and Sarawak.
The remainder of the funds will be used for product development and for new offerings, along with marketing activities, working capital and listing-related expenses.
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