The counter opened at 21 sen, a 58.3% or 5 sen decrease from its offer price.

Unique Fire manufactures, assembles and distributes active fire protection systems, fire extinguishers, equipment and accessories.

“We have developed innovative strategies to drive our expansion and increase market penetration in keeping with our growing operational capacity,” managing director Liew Sen Hoi told the media at the group’s listing ceremony today.

The group expected to raise RM21.78 million from the listing, of which RM2.5 million will be set aside for expansion of its production facilities and RM6 million to extend its geographic reach by opening new sales offices and warehouses in Penang and Johor.

The company intends to allocate an additional RM5.3 million to improve its operating capabilities, RM4.58 million for working capital and RM3.4 million to cover listing-related costs.

In total, 1,481 applications for 55.26 million new shares were submitted under the ‘Bumiputera’ public category, giving rise to an oversubscription rate of 4.53 times.

Another, 1,027 applications for a total of 66.24 million new shares, representing an oversubscription rate of 5.62 times, were received for the remaining public component.

The company said that all eight million additional shares which were made available to the qualifying directors, employees and contributors had been purchased.

Based on its expanded share capital of 400 million shares and issue price of 26 sen per share, the company was expected to have a market capitalisation of RM104 million upon listing.