KUALA LUMPUR: Electronics manufacturing service provider Cape EMS Bhd
made a stellar 57.78% jump in share price as it opened for trading on the Main Market of Bursa Malaysia.
The share rose to RM1.42, or 52 sen above its IPO price of 90 sen a share, as the most actively traded stock on Bursa Malaysia.
As at 9.30am, the counter was up 47 sen or 52.22% at RM1.37 sen a share on the back of 161.69 million shares exchanging hands.
Cape EMS, which is also involved in aluminium die cast manufacturing and the supply of electronic products, had raised RM155.7mil in proceeds from its initial public offering (IPO) as it sought to expand its operations via the construction of new facilities.
It said the bulk of the proceeds would go towards the setting-up of a new cleanroom facility and purchase of new automated production lines for EMS operations, as well as the construction of a new Senai 226 warehouse and installation of automated storage facilities.
The remaining proceeds would go towards working capital, the purchase of machinery, the installation of an energy saving cooling system and to defray the listing expenses.
Based on an enlarged issued share capital of 923 million and IPO price of 90 sen a share, the stock listed with a market capitalisation of RM830.7mil.
The group's IPO comprised a public issue of 173 million new shares and an offer for sale of 86.7 million existing shares.
Of these, 205.5 million shares were offered under the institutional offering and 54.2 million under the public offering.
CAPE EMS said on March 1 that its 46.2 million new shares to the Malaysian public had been oversubscribed 17.82 times.
Earlier this week, the group said it had registered a net profit of Rm33.54iml in FY22, which was 27.7% higher than the RM26.26mil posted in FY21.
Its revenue in FY22 was reported at RM437.95mil, up 27.19% from RM344.33mmil.
