KUALA LUMPUR: Food and beverage (F&B) and dietary supplements company OB Holdings Bhd jumped as much as 8.3 per cent on its debut on the ACE Market today.
The company's share price opened at 25 sen, above the initial public offering (IPO) price of 24 sen, before climbing to a high of 26 sen a share during the morning session.
At midday break it closed 25 sen a share, giving it a market capitalisation of RM97.9 million.
"Today marks a significant milestone for OB Holdings as we join the ACE Market. This achievement is a testament to our team's dedication and commitment over the past 29 years in the fortified F&B and dietary supplements industry. With fresh capital in hand, we are poised to embark on a new era of growth and innovation." its managing director Teoh Eng Sia said in a statement.
OB Holdings' IPO raised RM28.8 million, about 72.22 per cent of which will go to support the company's expansion, including a new Serendah factory, the purchase of new machinery and the establishment of an advanced laboratory to enhance production capacity and product innovation.
OB Holdings reported an adjusted net profit of RM1.54 million against RM12.02 million in revenue for 1QFY25, with manufacturing services as the primary revenue driver, followed by house brands and milk powder trading.