At 9.05 am, the counter traded at 47.5 sen with 49.4 million shares changing hands.

Managing director Lee Kok Choon said KJTS is aiming for double-digit growth this year driven by strong demand for energy management services due to higher energy prices and awareness of environmental, social, and corporate governance (ESG).

“We also foresee the future of semiconductors and data centres will continue to be strong.

“Again, we are not selective as our services extend to a higher scope of different types of industry,” he said at a virtual press conference following the listing ceremony today.

Specialising in cooling energy management, cleaning, and facilities management services, KJTS’s in-house engineering capabilities and commitment to sustainability have been instrumental in delivering high-quality services and contributing to clients’ ESG targets, including reducing carbon dioxide emissions.

Meanwhile, Lee said KJTS is in talks with a few data centre companies for collaboration as strong demand continues to drive the rapid growth of the market across Southeast Asia.

“We will discuss this and update as things progress, but having said that, we can also be selective. We have to be careful with the funds raised. So yes, we are talking to some data centre companies,” he said.

Of the RM58.9 million IPO proceeds, RM44.9 million will be used for business expansion, including RM40.4 million for the expansion of the cooling energy segment and RM4.5 million for office expansion in Malaysia, Thailand, and Singapore.

Meanwhile, the remaining RM8.1 million will be allocated for working capital and RM5.8 million to defray listing expenses.

As at 12.30pm, KJTS’s share price was up by 21 sen or 77.8% at 48 sen, giving it a market capitalisation of RM330 million.