The group’s shares opened at 36 sen in the morning trade, one sen or 3% above its initial public offering (IPO) price of 35 sen.

As at 9.45am, the stock was the second most actively traded counter on Bursa with about 53.4 million shares exchanging hands. The share price then eased to 34 sen.

Through the IPO, the group has an enlarged issued share capital of RM212.12 million comprising 606 million shares.

It has raised RM37.1 million via the exercise, with RM7.8 million of the proceeds being allocated to strengthen its position as a construction method engineering (CME) solutions provider by increasing its capacity for temporary work equipment.

A total of RM9 million will be utilised for repayment of borrowings, RM8 million for capital expenditure, RM6.3 million for working capital and the remaining RM6 million for listing expenses as well as purchase of software systems and hardware.

The group aims to expand its CME business regionally, by participating in exhibitions in Vietnam, Indonesia and the Philippines.