KUALA LUMPUR (June 13): Ping Edge Technology Bhd (KL:PING), a commercial kitchen equipment supplier, closed 52.2% or 12 sen higher at its trading debut on Bursa Malaysia’s LEAP Market on Friday.
Shares of Ping Edge opened at 24 sen, just one sen up or 4.4%, over the reference price of 23 sen. The company — the second to be listed on the LEAP Market this year — jumped to 35 sen by 9.30am in light trading, and stayed there till market closed.
“The listing of Ping Edge on the LEAP Market marks an important milestone in our corporate journey — the culmination of our team’s dedication and hard work," said Ping Edge’s managing director Soh Yeow Seng.
The company is mainly involved in the trading of commercial foodservice and kitchen equipment through its online platforms. Kitchen Arena, its flagship platform, focuses on sale of new equipment, while Murah Kitchen specialises in trading pre-owned equipment.
The company offers approximately 430 brands of commercial foodservice and kitchen equipment, including Frezmac, Modelux, Unox, Fresh, Redor, Powerline, Snow, Fagor, Robot Coupe, and Aeglos.
At the last price, Ping Edge has a market capitalisation of just RM78 million and values the company at nearly 27 times its trailing earnings.
Ping Edge raised RM5.15 million from the listing through private placement. Of the proceeds, 19.4% will be allocated for setting up an additional showroom with storage facilities in Penang, 9.7% for expanding digital capabilities, 46% for working capital, and the remaining 24.9% for listing expenses.
The LEAP Market is an adviser-driven platform designed to offer emerging companies, including small and medium enterprises, greater fundraising access and visibility via the capital market. It is accessible only to sophisticated investors.
TA Securities is the IPO’s approved adviser, placement agent, and continuing adviser.