IT infra firm OGX Group ends ACE Market debut slightly below IPO price

Thursday 08 Oct 2026

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KUALA LUMPUR (March 12): OGX Group Bhd (KL:OGX) ended its debut on the ACE Market slightly below its reference price of 35 sen a share, bucking a broader market recovery on Thursday.

The stock opened at its day’s low of 28 sen and recovered slightly thereafter, but still closed its first trading day 1.43% lower at 34.5 sen, with 98.3 million shares traded. It was the most actively traded stock on the exchange.

At this price, OGX has a market value of RM258.8 million.

Meanwhile, both the technology index and the FTSE Bursa Malaysia KLCI, which started off lower, managed to recover above water.

The weak debut comes at a time when markets in Asia are reeling from high oil prices as the turmoil in the Middle East shows no signs of easing. Adding to the woes is news of US trade investigations into more than a dozen countries including Malaysia over alleged excess manufacturing capacity.

OGX’s IPO was oversubscribed by about 10 times by public investors ahead of the listing. The Shah Alam-based company, which mainly sells multi-brand products and services focusing on network, cybersecurity and enterprise data centre solutions, raised RM78.75 million from the IPO.

“These initiatives are designed to bolster our group's service delivery, enhance the brand of our product portfolio, and improve operational efficiency, thereby reinforcing our competitive advantage within the industry,” managing director and executive director Tan Suan Loong said at the listing ceremony.

The company received RM52.5 million from the public issue of new shares for operations and expansion while Tan and his father Tan Ting Fong, who is also the non-independent non-executive chairman, will together pocket RM26.25 million through an offer for sale of their existing shares.

About two-thirds of proceeds from the public issue of new shares will be allocated for expansion, including RM30 million for the acquisition of a new facility that will become OGX’s future headquarters.

The company has also set aside RM2.5 million to broaden its portfolio of infrastructure brands and RM2 million for expansion to East Malaysia with new sales offices. The remaining RM18 million will go towards the repayment of bank borrowings, working capital requirements and listing expenses.

UOB Kay Hian is the principal adviser, sponsor, underwriter and placement agent for the IPO.

Edited ByPresenna Nambiar & Jason Ng

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