It remains one of today’s most active counters as at 12.30pm, with 96.25 million shares changing hands. Its share price stood at 27.5 sen, 6.5 sen (30.95%) higher than the reference price.

The IPO will see the group carry an enlarged share capital of 386 million shares.

Prior to the listing, MYMBN saw its 19.3 million new shares oversubscribed by 30.77 times in June, when it received 7,712 applications for 613.14 million shares.

An additional 18.68 million shares made available to eligible directors and employees of MYMBN were also fully subscribed.

Furthermore, the 60.02 million additional shares offered via private placement were also fully taken up by selected investors.

MYMBN expects to raise RM20.58 million from its IPO via the issuance of 98 million shares at 21 sen per share, according to its filing with Bursa Malaysia.

Of the amount, RM6 million has been allocated for additional purchases of raw unclean edible bird’s nest, and RM1.68 million for the setting up of three bird’s nest collection centres in Sabah and Sarawak.

Additionally, RM1.25 million has been allocated to expand the processing and selling of raw, clean edible bird nests, RM2.05 million is set aside for working capital while the remaining RM3 million is earmarked for listing costs.

Among the 19 IPOs conducted this year, three Main Market and one ACE Market listings experienced a lackluster debut performance.

Property developer Radium Development Bhd was the most significant under-performer, opening 30% lower at 35 sen compared to its IPO price of 50 sen per share.

Another poor performer was ACE Market’s Synergy House Bhd, a furniture design group, whose opening share price fell as much as 16.3% or 7 sen to 36 sen, from its reference price of 43 sen.