West River ends maiden day on ACE Market 5% below IPO price

Thursday 08 Oct 2026

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KUALA LUMPUR (May 5): West River Bhd (KL:WESTRVR) fell on its maiden day on the ACE Market, failing to hold onto early gains amid weak broader market conditions.

The engineering firm opened at 39.5 sen on Monday versus its initial public offering (IPO) price of 39 sen. The stock climbed to as high as 40.5 sen before slipping to as low as 36.5 sen. West River ended the day at 37 sen, 5% below the IPO price, after close to 66 million shares changed hands.

At its last price, the company has a market capitalisation of RM132 million.

The IPO saw tepid interest ahead of the listing, with demand from public investors barely higher than the amount of shares available for subscription. Before West River, Bursa Malaysia hosted seven ACE Market listings since March, and all sank below their IPO prices on their first day.

Reach Ten Holdings Bhd (KL:REACHTEN) managed to eke out tiny gains on its listing day on Friday, benefiting from a wider pool of institutional investors on the Main Market.

West River specialises in mechanical-and-electrical engineering, air-conditioning and ventilation systems, and building solutions catering to various sectors, including commercial, industrial and infrastructure industries.

Funds raised from the IPO’s public issue totalling RM27.9 million have been earmarked for expansion and infrastructure, including to part-finance the acquisition of land, and the construction of a new factory to improve production and inventory management.

The offer for sale of existing shares raised RM13.95 million, which accrued entirely to the selling shareholder Neutron Capital Sdn Bhd, which is fully controlled by West River's managing director Lim Yong Hai.

All in all, the IPO raised a total of RM41.85 million.

M&A Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.

Edited ByJason Ng

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