KUALA LUMPUR (May 22): CabNet Holdings Bhd, a total solutions provider for building management systems, opened 21.4% higher at 68 sen from its offer price of 56 sen, on its ACE Market debut on Bursa Malaysia today.
A total of 2.49 million shares exchanged hands at the time of its official listing at 9 am.
Through its initial public offering (IPO), CabNet managed to raise total gross proceeds of approximately RM11.76 million, which will be used mainly for working capital as well as repayment of borrowings, research & development (R&D) expenditure and other listing expenses.
Going forward, CabNet is focused on strengthening its ELV (extra low voltage) systems business with the development and introduction of its integrated security software called CISS, which is required by security-related companies.
At 9.44am, CabNet's share price stood at 69.5 sen.