EcoSys starts ACE Market trading at 70 sen against 27 sen IPO price
The company raised RM39.34 million for expansion and operations, with its public IPO tranche oversubscribed more than 200 times.
EcoSys (Malaysia) Bhd shares opened at 70 sen on Oct 14 as the company joined Bursa Malaysia’s ACE Market. The opening price exceeded its initial public offering (IPO) price of 27 sen by 43 sen, or 159 per cent, with 33.22 million shares changing hands at the start of trading.
The IPO brought in RM39.34 million to support operations and expansion. Investors oversubscribed the public tranche by more than 200 times, while selected investors subscribed for all the shares allotted to them.
At a virtual press conference for the listing, managing director Chan Chee Wei said EcoSys was preparing to expand its ultra-high-purity (UHP) business and gas-abatement operations in response to expected demand.
Chan said the company intends to increase its UHP cleanroom to nearly twice its current size. Completion is expected by the end of the year. Technology and engineering development would remain a focus, particularly for gas treatment, he added.
EcoSys is based in Penang and supplies semiconductor customers with abatement systems, precision engineering components and sub-assembly modules. Its services include customisation and research and development, alongside assembly, maintenance and installation.
