KUALA LUMPUR: Ramssol Group Bhd has debuted on the ACE Market of Bursa Malaysia today at an opening price of 70 sen, which is 55.6 per cent above its initial public offering (IPO) price of 45 sen per share.
Its opening volume is 7.18 million unit shares.
Group managing director and chief executive officer Cllement Tan Chee Seng said its IPO had a positive start with 11.20 million new shares made available for Malaysian public being oversubscribed by 102.88 times.
“We are pleased with investors’ confidence with the company’s business model and strategy moving forward.
“We believed it is also a word of confidence for our future potential,” Tan said during a media briefing after its lIsting debut today.
Ramssol is a local human capital management (HCM) solutions and technology provider, with bases across Malaysia, Singapore, Thailand, Vietnam and Indonesia.
Of the RM25.1 million IPO proceeds, RM2.5 million will be allocated for business expansion to the Philippines while RM6.3 million will be allocated for the expansion of Feet’s, as well as that of third-party collaboration platform, Lark, in Southeast Asia.
The company is allocating RM4.1 million for research and development, RM7.6 million for working capital and the remaining RM4.6 million for listing expenses.
Tan said the company had laid out a robust expansion strategy and this included expanding its regional presence in Southeast Asia by tapping into the Philippines market.
He added that the demand for digitalisation of human resource would grow significantly in the next two years.
“Keeping this in mind, we will constantly capture the growth opportunities by continuously innovate our HCM tech solutions products offering and are committed to helping organisations invest in the right tools and management strategies,” he added.
Kenanga Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for Ramssol’s IPO.