KUALA LUMPUR (Oct 23): THMY Holdings Bhd’s (KL:THMY) share price nearly tripled on its first day of trading, marking the best debut on the ACE Market in two years.
The stock, with a reference price of 31 sen a share, opened at 80 sen on Thursday morning and closed at the day’s peak of 91 sen, giving the company a market capitalisation of RM808.1 million. Some 179 million shares changed hands.
The strong showing follows bullish views in non-rated reports from brokerages that help to drive a scramble for a slice of the Penang-based company providing testing systems for electronic circuit boards. Applications from retail investors exceeded the available number of shares by nearly 36 times during the IPO.
Just a day before the listing, Kenanga Investment Bank said THMY was one of Malaysia’s cheapest artificial intelligence (AI) hardware plays and the stock would be worth almost double its IPO price. Earlier this month, Tradeview Research said there is 81% upside to the listing price as THMY rides on a global supply chain shift.
Founded in 2008, the company serves multinational clients across the US, Europe and Asia-Pacific, offering in-circuit and functional circuit test systems to turnkey solutions involving design, fabrication, software development and assembly.
Of the RM44.6 million raised from the IPO, 58.6% of the funds will be allocated to constructing a new factory in Batu Kawan. Once completed by mid-2029, the new plant will quadruple its test system capacity.
The rest will be used to acquire machinery, fund research and development, as well as trim bank borrowings and defray listing expenses.
“This is our investment in not just growing bigger, but growing smarter, stronger, and more resilient,” said THMY chairman Datuk Dr Mohd Sofi Osman during his speech at the listing ceremony.
Proceeds from a sale of existing shares that raised RM27.53 million, meanwhile, went to co-founder and chief executive officer Ooi Can Nix and his spouse, Chu Mooi Leng.
Affin Hwang Investment Bank is the principal adviser, sponsor, underwriter and placement agent for the exercise.
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THMY IPO oversubscribed 35.57 times ahead of ACE Market debut
THMY’s stock may have 81% upside amid supply chain shift, AI spending — Tradeview