Remember the company Edelteq Holdings Bhd whose CEO faced a court case shortly after the IPO application ended last month?
Edelteq, a provider of engineering support for the semiconductor industry, made its grand debut on Bursa Malaysia's ACE Market today (June 7).
From an initial public offering (IPO) price of 24 cents, it surged 212.5% to 80 cents in early trading.
It then pared its gains to around 75 sen in the afternoon session with a volume of 75.02 million traded.
Earlier, the company was embroiled in controversy after reports emerged about its CEO and largest shareholder, Chin Yong Keong being sued by his former employer Mi Technovation Bhd.
It follows allegations of breach of employment contract and abuse of legal process.
Even so, Edelteq still displayed its best performance on its first day at the ACE Market with great excellence.
Edelteq's IPO involves 100 million new shares, representing 18.8% of its enlarged share capital as well as an offer for the sale of 43.2 million existing shares through a private placement to selected investors.
Expecting to raise RM24 million from the IPO, it will allocate RM3.7 million from the IPO proceeds to finance the construction of a new factory in Batu Kawan, Penang.
