KUALA LUMPUR: Sin-Kung Logistics Bhd made its debut on the ACE Market of Bursa Malaysia this morning flat at 13 sen.
Its muted debut saw a volume of 26.36 million shares traded.
The counter then climbed to a high of 13.5 sen after 98 million shares changed hands.
Sin-Kung raised RM26.0 million from its initial public offering (IPO) to partly fund the expansion of the fleet of commercial vehicles and expansion of its warehousing and distribution business.
The sale of existing shares, meanwhile, was expected to gross RM13.5 million, which would go entirely to the selling shareholders Sin-Kung managing director Alan Ong and his sister Angeline Ong, who is an executive director.
Based on an enlarged share capital of 1.2 billion shares, Sin-Kung is expected to have a market capitalisation of RM156 million after listing.
Alan Ong said the rapid rise of e-commerce post Covid-19, disruption in ocean shipping and supply chain diversification are some of the main drivers of air cargo demand in the current market.
"The Red Sea crisis and e-commerce boom have somehow benefitted Sin-Kung Logistics as we are currently serving about 50 airlines across Peninsular Malaysia, and Singapore.
"The company is well-positioned to secure more jobs as our airport-to-airport road feeder services covering extensive network of airports across Peninsular Malaysia, Singapore and Thailand," he added.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO.