Enest ends first ACE Market day below IPO price

Wednesday 07 Oct 2026

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KUALA LUMPUR (July 15): Enest Group Bhd (KL:ENEST) fell in its first trading day on the ACE Market following the bird's nest company's listing transfer from the LEAP Market.

The stock started at 13 sen on Wednesday, unchanged from its initial public offering (IPO) price. The stock edged up to 13.5 sen briefly before ending the day at 10.5 sen, down 2.5 sen or 20% from its IPO price, after more than 79 million shares exchanged hands.

Market capitalisation stood at RM61 million based on the closing price.

WATCH: Enest Group makes ACE debut

The decline follows weak demand for its shares ahead of the listing. Enest’s IPO was only oversubscribed fewer than two times by public investors while shares set aside for select investors had to be clawed back and reallocated.

Based in Kajang, the company processes and trades edible bird’s nest products and is transferring its listing from the LEAP Market, a board designed for early stage and emerging small firms.

As trading on the board is restricted to sophisticated investors, a listing transfer to the ACE Market requires a company to provide an exit offer and undertake a public issue of shares.

The IPO raised about RM15 million for the company. Enest has earmarked about one-third of the proceeds from the public issue of new shares to repay bank borrowings and set aside 42% of the funds as working capital. The rest will be used to cover listing expenses.

Former chairman Tan Heng Guan, as well as his son and executive director Tan Teh Sheng pocketed RM2 million from an offer for sale of their existing shares. The Tan family will reduce their combined stake in Enest to 45%, from about 60% before the listing.

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

Edited ByJason Ng

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