KUALA LUMPUR: KJTS Group Bhd made its debut on the ACE Market of Bursa Malaysia at 44 sen, a credible 62.96 per cent premium over its initial public offering (IPO) price of 27 sen.
The company raised RM58.87 million from the IPO which will be utilised for the expansion of the cooling energy segment and offices in Malaysia, Thailand and Singapore amounting to RM44.92 million.
It will use RM8.12 million for working capital while RM5.83 million is set aside for listing expenses.
Managing director Lee Kok Choon said the company is expecting strong demand in its energy management services following the rising awareness on environmental, social and governance (ESG) aspects.
"We believe demand will be strong 2024 onward and we are looking at a double digit growth," he said at a press conference after the company's listing ceremony.
Specialising in cooling energy management, cleaning, and facilities management services, KJTS and its subsidiaries is an established player in the building support services industry.
The company's in-house engineering capabilities and commitment to sustainability have been instrumental in delivering high-quality services and contributing to clients' ESG targets, including reducing carbon dioxide emissions.
Independent non-executive chairman Azura Azman said the listing reflected the company's hard work and dedication and the confidence the market has in its vision and strategy.
"We are excited about the opportunities this will bring, allowing us to further expand and enhance our services in Malaysia, Singapore and Thailand.
"The positive investor response to our IPO underscores the market's belief in our capabilities and growth potential. We look forward to utilising this momentum to drive KJTS's growth and to solidify our position in the building support services sector," she added.
Meanwhile, with the surge of data centres in Malaysia, Lee said the company is in talks with some data centre owners as well as contractors that are involved in data centre-related projects.
"We will announce as things progress. However, we need to be very selective in terms of the possibilities and who we deal with.
"We have to be very careful with the funds that we raised," he said.
As at 11am, KJTS was one of the most actively traded stock in the market. Its share price rose 75.93 per cent or 20.5 sen to 47.5 sen.
