PETALING JAYA: CTOS Digital Bhd made an impressive debut in Bursa Malaysia, rising as high as 60% in the first minutes of trading today.
The credit reporting firm, which launched a RM1.2 billion initial public offering (IPO), opened 36% higher than its offer price of RM1.10, Reuters reported.
The CTOS Digital IPO is the largest in the country since Mr DIY Group’s RM1.5 billion debut last year.
“We will also continue to expand our product offerings and customer reach while exploring acquisitions within Malaysia and throughout the Asean region,” group chief executive officer Dennis Martin was quoted as saying, in a virtual speech.
Another notable fact about the listing was that it had 23 institutional investors, the largest number ever for a Malaysian IPO.
According to Reuters, the IPO was fully subscribed by the institutional investors including AIA Group Ltd, Aberdeen Standard Investments and two of Malaysia’s largest government-linked funds, while its retail portion was oversubscribed by 27.6 times.
Maybank Investment Bank and RHB Investment Bank were joint principal advisers on the exercise. - FMT
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