KUALA LUMPUR: KJTS Group Bhd made its debut on the ACE market of Bursa Malaysia at 44 sen a share, a 17 sen or 63% premium to its initial public offering (IPO) price of 27 sen a share.
The share was the second most traded in the early morning with over 72 million shares exchanging hands in the first half hour of trading.
The building support services provider said of the RM58.9mil raised from the IPO, RM44.9mil will be used for business expansion, including RM40.4mil for the expansion of the cooling energy segment and RM4.5mil for the expansion of offices in Malaysia, Thailand, and Singapore.
The remaining funds will be used for working capital and to defray listing expenses.
According to KJTS, the cooling-energy segment accounted for 46.3% of its revenue and 58.8% of its gross profit in the financial year ended Dec 31, 2022 (FY22).
In comparison, the company’s cleaning-services segment contributed 37.9% to the group’s revenue in FY22, while facilities management provided 15.8%.
Upon its listing, the company had a market capitalisation of RM185.8mil.