PETALING JAYA: Securemetric Bhd emerged as the second best-performing listing so far this year with a 114% premium in its debut on the ACE Market of Bursa Malaysia today.
Retail technology solutions company Radiant Globaltech Bhd, which was listed in July, was the best performer with a 130.43% gain. The stock is currently trading at a 30% premium to its issue price of 23 sen.
Securemetric shares surged as much as 31 sen or 124% to 56 sen before closing the day 28.5 sen or 114% higher at 53.5 sen on 151.45 million shares traded, giving it a market capitalisation of RM130.33 million.
The company’s initial public offering (IPO), which raised RM17 million, was oversubscribed by 20.26 times. Its offer price was set at 25 sen per share.
Of the total proceeds, RM5.70 million will be used for development of new digital security solutions, RM5.16 million for working capital purposes and RM1.70 million for business expansion. The remaining RM4.44 million will be used for repayment of borrowings and defrayment of IPO expenses.
Securemetric offers digital security products and solutions mainly across Southeast Asia countries, with local presence in Malaysia, Vietnam, the Philippines, Indonesia and Singapore.
For financial year ended Dec 31, 2017, more than 85% of its revenue was derived from the overseas market.
