ICT Zone opens flat, slips in early ACE Market trade
KUALA LUMPUR: ICT Zone Asia Bhd made a quiet debut on the ACE Market of Bursa Malaysia today, opening flat at its initial public offering (IPO) price of 20 sen per share, before slipping in early trade.
At 9.11am, the former LEAP Market constituent eased to 19.5 sen, down 2.5 per cent, with 5.89 million shares changing hands. It was the fourth most actively traded counter, a subdued showing for an IPO debut.
The weak start followed recent upbeat performances by Eco-Shop Marketing Bhd and Oasis Home Holding Bhd, which defied a broader trend of lacklustre IPOs in recent months.
ICT Zone Asia provides integrated technology financing solutions, including leasing of ICT hardware and software, cloud services and managed information and communications technology solutions for enterprise and public-sector clients.
Through the IPO, the company, has been in operation for nearly two decades, raised RM26.6 million from the issuance of 133 million new shares, representing about 16.7 per cent of its enlarged share capital.
Of the proceeds, RM21 million has been earmarked to expand its financing business through the purchase of ICT assets, RM1.5 million for sales and marketing, and RM4.1 million to cover listing expenses.
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