KUALA LUMPUR (Oct 27): Insights Analytics Bhd (KL:IAB) rose as much as 103% in its Monday debut on the ACE Market as investors scrambled for a piece of the Sarawak-based firm.

The counter opened at 62 sen compared to its initial public offering (IPO) price of 36 sen per share and climbed to as high as 73 sen. The stock ended its first day at 65.5 sen after nearly 198 million shares changed hands. At the last price, the company has a market value of RM360 million.

Investor interest was strong, with the public portion of the IPO oversubscribed by 53.62 times. Monday’s listing makes Insights Analytics the third Sarawak-based entry into Bursa Malaysia for this year, out of the 45 other companies listed so far under the ACE Market. 

The listing comes on the heels of THMY Holdings Bhd's (KL:THMY) strong showing, which saw the share price of the Penang-based company providing testing systems for electronic circuit boards nearly tripling on its debut last week.

The group raised RM43.56 million from the exercise, which comprised a public issue of 121 million new shares and an offer for sale of 27.5 million existing shares. 

Of the proceeds, RM22.18 million will go towards working capital, RM9 million for investments or acquisitions, and RM7.47 million for office expansion in Kuching and for a mini data centre, as well as IT operations in Sarawak and Peninsular Malaysia.

“The next decade will be defined by digital transformation, and Insights Analytics is ready to lead at the intersection of data, water technology, and infrastructure intelligence,” said managing director Frank Wee.

Insights Analytics provides intelligent asset management and water technology solutions primarily for Sarawak’s water agencies, including the Sarawak Rural Water Supply Department (JBALB), Sibu Water Board, Laku Management Sdn Bhd and the Kuching Water Board.

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

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