It opened at 60 sen, well above its initial public offering (IPO) of 30 sen and closed at 67 sen, registering a market capitalisation of RM537 million. Close to 329 million shares were traded for the day, hitting a high of 70 sen.

En route to listing, SFP Tech shares made available for the public have been oversubscribed by 41.61 times.

Speaking after the listing ceremony, SFP Tech’s managing director Keoh Beng Huat acknowledged the favourable public sentiment towards the company.

“This is a strong testament from the public to our abilities and potential which we are greatly thankful for and we will continue to strive for better achievements and higher shareholder value in the coming years.”

Keoh also said the listing marks the beginning of a new chapter for the company.

“We have developed a clear road map and hope to grow from strength to strength and create value for all our shareholders as we now embark on a more challenging growth trajectory aiming for better and higher returns to all our shareholders,” Keoh said.

SFP Tech said the IPO proceeds of RM62.23 million will be predominantly utilised for its capital expenditure, which includes the construction of Manufacturing Plant 3 in Penang Science Park and purchase of machinery. It will also be utilised for the set-up of a design and development centre.

Moving forward, SFP Tech plans to further expand both its engineering supporting services and automated equipment solutions into other industries such as automotive and healthcare.

The group also intends to move into the semiconductor back-end inspection industry through the manufacturing of vision inspection equipment platforms embedded with camera imaging and electronics systems.