KUALA LUMPUR: Aurelius Technologies Bhd (ATech) made its debut on Bursa Malaysia's Main Market five sen above its RM1.36 listing price before surging nearly 30 per cent at midday.
ATech soared 27.66 per cent or 39 sen to settle at RM1.80 before midday break in a brisk trading.
At the opening bell, the counter saw 123.25 million shares changing hands.
ATech executive director and chief executive officer Lee Chong Yeow said the listing woukd position the company in a better position to grow its business backed by the steady growth in the electrical and electronic (E&E) products industry.
"We see very strong demand worldwide for the E&E industry as the Covid-19 pandemic has spurred the usage of electronics.
"With this IPO, we are in a better position to grow our business," Lee said at the virtual press conference in conjunction with its isting today.
Lee said the company would continue to grow its semiconductor multicomponent modules as it is in the Internet of Things (IoT) space.
ATech is also looking into other areas including vertical integration as well as some downstream expansion.
"The company's current capacity is operating at close to 95 per cent. With our factory expansion plan to be completed by year end, that will give us an additional 70 per cent for the production floor.
"We plan to roll out our expansion plans when the factory is ready," he said.
Chairman Datin Normaliza Kairon said the listing would give the visibility that ATech needs to leverage the expansion of the business, to retain and attract more customers from across Asia Pacific, the Americas and Europe.
"We see this listing also giving us the opportunity to realise our future plans and strategies, including expanding and upgrading our production facilities," said Normaliza.
Normaliza said the company also wanted to create value through focusing on environmental, social and governance (ESG) by having sustainable practices.
She said ATech is committed to maintaining a safe and healthy workplace for employees, and supporting and practising workplace equal opportunity, as well as gender and cultural diversity.
"Our workforce is overwhelmingly local and we continue to encourage the hiring of locals by providing equal employment, career development and fair pay advancement," she added.
ATech raisex RM104.73 million from the Iisting.
Of this, RM40 million will be used for the purchase of new machinery and equipment, RM29.52 million for the repayment of borrowings, RM28.13 million for working capital, and RM7.09 million for the listing expenses.
Maybank Investment Bank Bhd is the principal adviser, sole bookrunner and sole underwriter.