Fibromat's LEAP to ACE falls flat as shares open 16pct below IPO price
KUALA LUMPUR: ACE Market debutant Fibromat (M) Bhd joined the list of initial public offering (IPO) laggards, opening 16.36 per cent below its issue price.
The geotechnical services firm, formerly listed on the LEAP Market, began trading at 46 sen—nine sen below its IPO price of 55 sen.
As at 9.15am, the stock was trading at 46.5 sen after touching a low of 41 sen earlier, with 11.36 million shares exchanged.
Fibromat was the third most actively traded stocks in the morning session, falling short of the typical IPO debut frenzy.
The company marks the twentieth IPO on Bursa Malaysia this year, joining a wave of listings grappling with volatility sparked by tariff-related global headwinds.
West River Bhd, which listed earlier this week, also saw a muted debut on Monday.
At 55 sen a share, Fibromat's IPO brought in RM17.8 million in proceeds.
The proceeds will be used to purchase new machinery, including stitching machines and dust collectors, and to strengthen its in-house capabilities.
The company plans to form its own prefabricated vertical drain installation team and acquire five hydraulic excavators to boost operational capacity at its factory in Selangor.
Fibromat's core business includes the design, manufacturing, installation and trading of geosynthetics and erosion control products.
Its portfolio includes projects such as the West Coast Expressway, Sarawak Second Trunk Road and Phase 1A of the Sabah Pan Borneo Highway.
It is also actively bidding for jobs under Sabah Pan Borneo Highway Phase 1B and the Sarawak-Sabah Link Road.
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