KUALA LUMPUR (June 18) β Sum Technology Bhd (KL:SUM) made a strong debut on the ACE Market of Bursa Malaysia on Thursday, with its shares opening at 40 sen, a 43% premium over its initial public offering (IPO) price of 28 sen.
The engineering services firm raised RM33 million from its IPO, which was oversubscribed by 8.96 times. The company's market capitalization stood at approximately RM200 million at the opening price.
Sum Technology provides engineering services for the semiconductor, solar, and data center industries. The proceeds from the IPO are intended for working capital, expansion, and repayment of borrowings.
As of 10:00 am local time, the stock was trading at 39.5 sen, up 41% from the IPO price, with 45 million shares traded.
