choi:Agmo makes strong debut on ACE Market at 80 sen
KUALA LUMPUR: Agmo Holdings Bhd made a strong debut on Bursa Malaysia’s ACE Market today at 80 sen, notching a premium of 54 sen -- 207.7 per cent higher than its initial public offering (IPO) price of 26 sen.
At the opening bell, the counter saw 8.44 million shares changing hands.
Upon listing, the homegrown digital solutions and application development specialist has a market capitalisation of RM84.5 million.
Chief executive officer Tan Aik Keong said the company sees the strong debut as a vote of confidence from investors on Agmo’s potential and an opportunity to capitalise on the digitalisation trend.
"Our focus for the first few months is to execute our expansion plan as per utilisation of proceeding which are to set up a research and development centre, sales marketing division, support services, training and development centre as well as expansion into Singapore,” he said during Agmo’s listing ceremony at Bursa Malaysia here today.
He said the company will set up a business development and support team consisting of two members in Singapore to serve clients in the neighbouring country while pursuing the plan to enlarge its footprint in Southeast Asia.,
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"We choose Singapore for our first market expansion since Agmo is already serving clients in the country and at the same time we see it as an opportunity to leverage our products and services since the country is known as the global financial centre and regional tech house,” he explained.
He also expressed his confidence in the company’s promising outlook, lifted by the continuous growth of mobile applications in the digital industry, mainly driven by consumer behaviours, digitalisation in businesses and advancement of technologies.
”These factors will drive our business to continue adapting and upgrading mobile applications in the coming years, together with the digital transformation initiatives led by the government,” he added.
Agmo has allocated RM9.47 million from the RM22.10 million IPO proceeds for investment in a research and development team, sales, marketing and business development team as well as technical support and maintenance services division.
It has assigned RM6.22 million for working capital and related capital expenditure for mobile and web application development expansion and digital platform-based services as well as to set up a new office.
About RM2.54 million will go towards setting up a training and development centre, Agmo Academy, while RM0.69 million will be allocated for its expansion into Singapore.
The remaining RM3.18 million is for listing expenses. - Bernama