EcoSys opens at 70 sen on ACE Market debut, 159.26 per cent above IPO price
The industrial solutions provider raised RM39.34 million, with RM17 million earmarked for its abatement business.
EcoSys (Malaysia) Bhd began trading on Bursa Malaysia’s ACE Market at 70 sen per share, exceeding its IPO price of 27 sen by 159.26 per cent.
The company raised RM39.34 million by issuing 145.7 million new shares. Managing director Chan Chee Wei said the funds would help develop its abatement operations, enhance ultra-high-purity (UHP) fabrication capabilities and build a direct presence in India.
EcoSys fabricates precision-engineered components and sub-assembly modules using UHP processes. It also supplies abatement systems that handle process gases and industrial emissions. Its products are used in semiconductor equipment and front-end production, equipment for making solar photovoltaic panels, and industrial gas supply systems.
The company outlined the following uses for the IPO funds:
- RM17 million for components and modules to expand the abatement business.
- RM4.93 million for machinery and additional staff to strengthen operations.
- RM8 million for repayment of bank borrowings.
- RM1.54 million for expansion in India, including a sales and service centre and local recruitment.
- RM2.36 million for working capital.
- RM5.5 million for listing expenses.
