KUALA LUMPUR (Sept 19): Shares of Solar District Cooling Group Bhd (KL:SDCG) surged 33% in ACE Market trading debut on Thursday as investors scrambled for a piece of the building management systems company.
Solar District opened at 50 sen compared to its initial public offering (IPO) price of 38 sen per share. The stock climbed to as high as 56 sen before ending the day still up 12.5 sen or 32.895% at 50.5 sen, giving the company a market capitalisation of RM214.03 million.
The most active counter on Bursa Malaysia in the day saw 119.13 million shares traded, representing 28% of its enlarged share capital of 423.82 million shares.
The energy solutions provider raised RM45.1 million, with RM1.9 million allocated for headquarters expansion in Kajang, RM5.0 million for tender and performance bonds, and RM18.7 million for materials in its solar thermal systems segments and building management systems (BMS).
Meanwhile, the group allocated RM12.7 million for working capital, RM2.5 million for capital expenditure, and RM4.3 million for listing expenses.
On Wednesday ahead of the Bursa debut, Solar District announced it secured two contracts worth RM8.13 million for works on Avisena Healthcare Sdn Bhd’s 11-storey hospital in Shah Alam.
In a bourse filing, the group said its wholly owned subsidiary, Solar District Cooling Sdn Bhd, had accepted two letters of award from Mitrajaya Construction Sdn Bhd for the sub-contract.
The project is expected to be completed in May 2027.
Solar District and its subsidiaries are principally involved in the provision and maintenance of BMS, solar thermal systems and energy saving services.
The group supports energy efficiency initiatives across healthcare, hospitality and industrial sectors.
Mercury Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.