KUALA LUMPUR: Sedania Innovator Bhd staged an impressive debut on the ACE Market of Bursa Malaysia yesterday, opening at 40 sen, a two sen premium over its offer price of 38 sen, undeterred by the bearish market amid a worsening Greek debt crisis.

The counter rose to an intraday high of 49.5 sen, up 11.5 sen or 30.26% over its offer price before closing the day 9.21% higher at 41.5 sen, with 31.3 million shares done. In contrast, the FBM KLCI declined 1.08% to 1,691.92 points — the lowest closing since Dec 18, 2014.

It was the seventh most actively traded stock on Bursa yesterday. 

Sedania managing director Datuk Azrin Mohd Noor said the mobile service enabler is in the midst of negotiations with other telecommunication companies (telcos) to expand its customer base, but did not elaborate.

"Due to the non-disclosure agreement (NDA) I have signed, I cannot say anything until my signature is on the dotted line," he told reporters at Sedania's listing ceremony yesterday.

Sedania's existing partners include Celcom Axiata Bhd, Bangladesh's Robi Axiata and Maxis Bhd. Sedania derived 80% of its revenue from Celcom's partnership. 

Azrin said he is buoyant on Sedania's prospects in anticipation of more businesses in collaboration with existing customers.

Sedania’s core business is providing talk time transferring services to telcos’ end users. The telcos have outsourced the service to Sedania by paying it a fee for each transaction done. 

He said Sedania's ATS (air time sharing) platform can process 223 transactions per second. 

"We have grown our transaction volume from a daily average of 268,000 in 2011 to 324,000 in 2014. It is still far from our optimum level of 19 million per day,” he said.

Azrin said the company also plans to shift its newly gained "marketing budget" to the digital platform after noting that it is more efficient compared with traditional marketing tools.

Going forward, Azrin said Sedania will be launching a new product called "Green Billing" which unifies all bills together into one application.

Sedania's initial public offering involved the sale of 51.5 million new shares at 38 sen each to raise RM19.6 million, of which RM6.8 million will be allocated for working capital, RM4.1 million for marketing expenses and RM4 million for capital expenditure. 

This article first appeared in The Edge Financial Daily, on June 30, 2015.