West River throws spark into jittery market with modest debut
KUALA LUMPUR: Against the odds and in a market on edge, West River Bhd threw a lifeline to investor sentiment, making a modestly upbeat debut on Bursa Malaysia.
The engineering firm, the twentieth to go public this year, opened half a sen higher at 39.5 sen, up 1.28 per cent from its initial public offering price (IPO) of 39 sen.
This small but steady start came despite West River having the lowest IPO subscription rate so far this year — just 0.26 times, compared to earlier listings.
However, it remains to be seen how the market debutant will fare throughout the trading day, as investor appetite continues to cool amid growing market caution.
Listed on the ACE Market, West River was the most actively traded stock at the opening bell, with more than eight million shares changing hands.
Since HI Mobility Bhd's IPO on March 28, oversubscription rates have slipped below the 10-times mark, with many new listings struggling to stay afloat on their first day of trade.
West River specialises in mechanical-and-electrical engineering, air-conditioning and ventilation systems, and building solutions catering to various sectors, including commercial, industrial and infrastructure industries.
At 39 sen a share, the IPO raised RM27.9 million, which will be channelled toward land acquisition and construction of a new factory, with the goal of tripling its production capacity.
The listing offers investors 20 per cent stake in the company from a public issue of 71.54 million new shares and an offer for sale of 35.77 million existing shares.
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