KUALA LUMPUR: Salutica Bhd, which made its debut on Bursa Malaysia's ACE Market this morning, opened 6.5 sen higher compared to the retail price offered at 80 sen with 5.28 million shares traded.
Salutica's initial public offering (IPO) has received favourable response, with its retail tranche of 19.4 million new shares applied by the Malaysian public registering an oversubscription of 9.98 times.
The IPO has successfully raised a gross proceeds of RM62.4 million based on the public issue of 78 million new shares.
Out of the RM62.4 million, RM25 million has been allocated for capital expenditure, to expand the company’s capacity in the production and creation of high end bluetooth related products range.
Salutica, through its wholly-owned subsidiary Salutica Allied Solutions Sdn Bhd, is a one-stop engineering solutions provider for the manufacturing of consumer electronic products in Malaysia.