KUALA LUMPUR (July 18): Cashless payments provider Revenue Group Bhd made a strong debut on the ACE market at 55 sen today, a premium of 18 sen or 46.85% to its offer price of 37 sen.

The group made its debut as Bursa Malaysia’s most active counter in the morning, with over 5.48 million shares traded within seconds of listing. An hour later, it was still strongly traded with 77.85 million shares crossed. The stock then pared gains to trade at 54 sen.

“I think (the performance) showed that investors are confident towards the cashless payments market,” said Revenue Group managing director and group chief executive officer Eddie Ng Chew Siong.

Ng said that the group expects revenue to be driven more by transactions in the future.

It is also in talks with a few foreign banks to come on board as new partners, Ng shared.

“We are still in discussions...we are confident as have a strong track record,” he said.

Revenue Group’s initial public offering (IPO) entailed the issuance of 55.71 million new shares, representing 25% of the enlarged share capital.

As for the IPO proceeds, Revenue Group said the amounts raised will be used mainly for capital expenditure to purchase approximately 9,000 units of new digital electronic data capture terminals and enhancement of its flagship revPAY platform.

In addition, the firm will also be using the cash proceeds to expand its information technology team, repayment of bank borrowings, business expansion to Cambodia and Myanmar, as well as general working capital requirements, and defrayment of listing expenses.