IDB Technologies Bhd debuted at 8.5 sen ($0.02) on Bursa Malaysia’s Leading Entrepreneur Accelerator Platform (Leap) Market on Tuesday, representing a 1.5 sen or 21.4 per cent jump over its reference price.
The property management solutions (PMS) provider raised 3.5 million ringgit ($830,000) in proceeds from pre-initial-public-offering investors, of which one million ringgit will go towards its expansion plans in Malaysia and Asean.
A further 700,000 ringgit will be utilised for technology research and development and the remainder for working capital and listing expenses.
According to the company, it aims to expand into Cambodia, Singapore and Vietnam in line with these governments’ incentives to boost tourism.
Following the share issue, the company has an enlarged issued share capital of 4.18 billion shares.
The lion’s share of IDB Technologies’ revenue is generated in the Malaysian market although it branched out to Cambodia in April this year.
According to the company’s information memorandum, the client has accepted IDB Technologies’ proposal to provide PMS solutions to its chain of hotels in Malaysia, Cambodia and Myanmar.
Citing independent market research, the company said hotels and tourist growth in its target markets are projected to continue moving forward.
IDB Technologies CEO Cheah Kah Beng is confident that the company’s end-to-end solutions will be able to meet the surge in demand from the sector.
THE STAR (MALAYSIA)