PETALING JAYA: TT Vision Holdings Bhd (TTVHB) made an eye-catching debut on the ACE Market of Bursa Malaysia Securities today, opening at RM1.49 for a 338.24% premium over its issue price of 34 sen per share on volume of 7.05 million shares.
The stock closed at RM1.28 after hitting a day high of RM1.70, 94 sen or 276.4% above the issue price, with 155.85 million shares traded.
TTVHB raised RM28.7 million through its public issue of 84.5 million new shares. Of the total proceeds raised, 37.2% or RM10.7 million will be used for working capital, 27.9% or RM8 million for research and development expenditure, 20.9% or RM6 million for repayment of bank borrowings, 3% or RM900,000 for marketing activities, and 11.1% or RM3.2 million for listing-related expenses.
The company is principally involved in the development and manufacturing of machine vision equipment and provision of related products and services.
TTVHB CEO and executive director Goon Koon Yin said it aims to continue growing its company to greater heights and increase market share in other prominent semiconductor, optoelectronics, and solar cells markets such as the United States, Germany, South Korea, China and Malaysia.
“The listing comes at an opportune time where we intend to capitalise on our listing status to sustain our growth momentum going forward,” he said.
KAF Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the initial public offering (IPO).
TTVHB’s public portion of its IPO was oversubscribed by 89.15 times.
