Volcano IPO Debut Sees Jump of 100% to 70 sen on ACE Market
- Written by ACN Newswire - Press Releases
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| From left: Volcano Berhad's Executive Director/Chief Financial Officer Khoo Boo Wui, Executive Director Gan Yew Thiam, Managing Director Datuk Ch'ng Huat Seng, Executive Director Yeap Guan Seng and Executive Director Dato' Wong Tze Peng |
Chairman of Volcano, Ms. Wong Wan Chin, said: "Aside from making the Group more visible, this IPO will also help with the expansion of Volcano. In today's highly competitive business environment, this expansion will accelerate our move towards automation and streamline our manufacturing process to ensure sustainable growth. We seek to capitalise on our current regional presence, particularly in Thailand and Singapore, to tap into the immense business opportunities available from the rising growth of the electrical and electronics and automotive industries."
Volcano's foreign market accounts for more than 95% of overall revenue in the financial year ended 31 December 2020. Multinational companies comprise 90% of the sales including some leading brand names such as Bernina, Hewlett Packard, Fisher & Paykel Thailand, Donaldson Thailand, Sharp Indonesia and Panasonic Thailand.
Today's listing follows from the Balloting Ceremony on 26 March where Volcano recorded an overall oversubscription rate of 176.60 times from the new shares made available to the Malaysian public.
"While we are humbled by the reception to our IPO from the investing public, we also recognise there are challenges with the fluctuation in raw material prices, exchange rates and the ongoing COVID-19 pandemic. Nonetheless, I am confident that Volcano will thrive as we have the knowledge, we came from hard work and experience, and we have a team of loyal, talented, committed and resourceful people. They are indeed the greatest asset of the Group. Given this, we are optimistic about our growth and future moving forward," said Wong.
Trading of Volcano shares on Bursa Securities on a ready basis commenced at 9:00 A.M. (Malaysian time) on 6 April 2021, under the stock name of VOLCANO and Stock Code: 0232.
TA Securities Holdings Berhad is the Principal Adviser, Sole Placement Agent, Sole Underwriter and Sponsor for the IPO exercise.
For more information, please contact:Hakim JuraimiTel: +60 12-318 5410Email: h.juraimi@swanconsultancy.biz
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Authors: ACN Newswire - Press Releases
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