KUALA LUMPUR: EcoSys (Malaysia) Bhd made a strong debut on Bursa Malaysia's ACE Market today, with its shares opening at 70 sen, a 159.26 per cent premium over its initial public offering (IPO) price of 27 sen.
The strong opening puts the industrial solutions provider serving the pan-semiconductor industry firmly in the spotlight as investors assess opportunities linked to semiconductor manufacturing, solar equipment and advanced industrial technologies.
EcoSys raised RM39.34 million through the issuance of 145.7 million new shares under its IPO, with the proceeds earmarked for business expansion, operational upgrades and regional market development.
Managing director Chan Chee Wei said the listing marked a significant milestone for the group, providing a stronger platform to expand its technical capabilities and pursue new growth opportunities.
"Our listing on the ACE Market reflects the progress we have made in building specialised technical capabilities, proprietary abatement technologies and relationships with customers across the pan-semiconductor industry," he said in a statement.
He added that the IPO proceeds would support the expansion of the abatement business, strengthen UHP fabrication capabilities and establish a more direct presence in India.
EcoSys specialises in two areas: ultra-high-purity (UHP) fabrication of precision engineering components and sub-assembly modules, and abatement systems used to manage industrial emissions and process gases.
Its solutions serve applications across semiconductor manufacturing equipment, front-end semiconductor production, solar photovoltaic panel manufacturing equipment and industrial gas supply systems.
Of the IPO proceeds, RM17 million will be allocated to expanding its abatement business through the purchase of key system components and modules, while RM4.93 million will go towards machinery and additional personnel to strengthen operational capabilities.
EcoSys will also allocate RM8 million to repay bank borrowings and RM1.54 million to expand its presence in India, including establishing a sales and service centre and recruiting local personnel.
Another RM2.36 million will be used for working capital, while RM5.5 million has been set aside for listing expenses.
M & A Equity Holdings Bhd managing director Datuk Bill Tan said EcoSys offered a differentiated combination of UHP fabrication capabilities and proprietary abatement technologies, supported by established customer relationships and exposure to semiconductor and solar-related manufacturing.
Eco Asia Capital Advisory Sdn Bhd group chief executive officer Datuk Kelvin Khoo said the listing would provide greater financial flexibility as the group invests in production capabilities, talent and regional expansion.
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