KUALA LUMPUR (March 30): Glove chlorination specialist Flexidynamic Holdings Bhd made an impressive debut on Bursa Malaysia's ACE Market today, rising as much as 52 sen for a 260% premium over its issue price of 20 sen a share.

Opening at 69 sen, the stock rose to as high as 72 sen before parring some gains to close the day at 43 sen, up 23 sen or 115% over the issue price.

Flexidynamic managing director Tan Kong Leong said  the successful listing of the company will strengthen its profile as one of the leading players in the glove manufacturing industry.

"It also marks a new phase for us and we believe that Flexidynamic can scale the heights to more growth,” Tan said in a virtual media briefing.

Noting the significant growth of the rubber-glove manufacturing activity across the world during the Covid-19 pandemic, he said the increase in demand for gloves led to nearly full utilisation of production capacity among manufacturers.

"We strongly believe that we can leverage this increase in activity, which will benefit the group in the long run," Tan said.

 "We have come a long way from when we first started with a rented factory located in Banting, carrying out design, engineering, installation, and commissioning of on-line glove chlorination systems, to what we are today, providing both on-line and off-line glove chlorination systems with a wide customer base, not only from Malaysia but also Vietnam, Thailand, Indonesia and Sri Lanka,” he added.

The initial public offering involved a public issue of 75.23 million new shares at 20 sen each. The enlarged share capital upon listing was 283.89 million, giving the group a market capitalisation of RM56.78 million.

The 14.195 million new shares allocated to the Malaysian public was oversubscribed by 155.72 times.