KUALA LUMPUR: ICT Zone Asia Bhd began its maiden trading day on Bursa Malaysia’s ACE Market with a lacklustre performance, opening flat at 20 sen, matching its initial public offering (IPO) price. Investor sentiment remained subdued, with shares trading within a narrow band of 19 sen to 21 sen in early activity. As at 9.25am, the counter registered a slight uptick to 20.5 sen, with over 22 million shares changing hands.
The modest reception mirrors the broader cautious mood among investors toward ACE Market listings in recent months. ICT Zone garnered a subscription rate of just 1.89 times from public investors during its IPO exercise — a relatively mild interest level compared to past market trends. The listing environment has been volatile, with global trade uncertainties weighing on investor confidence. Since March, a significant number of new ACE Market listings have posted weak performances on debut.
ICT Zone is the second company to transition from the LEAP Market to the ACE Market in 2024, following geotechnical services provider Fibromat (M) Sdn Bhd’s transfer on 8 May.
Beyond its trading activities, ICT Zone provides leasing solutions for computer hardware and software, and also offers cloud-based services. The company raised a total of RM30.8 million through its IPO. Of this, RM4.2 million was allocated to selling shareholders, namely ICT Zone Holding Sdn Bhd and co-founder and non-executive chairman Datuk Seri Ng Thien Phing, who collectively maintain a 72.85% stake in the business. Datuk Seri Ng is also the founder of Main Market-listed SkyWorld Development Bhd.
The remaining RM26.6 million in gross proceeds will be utilised by ICT Zone to support its technology financing operations, fund sales and marketing initiatives, and cover listing-related expenses.
Malacca Securities assumed multiple roles for the IPO, acting as principal adviser, sponsor, joint underwriter, and joint placement agent. Kenanga Investment Bank also served as joint underwriter and placement agent, while SCS Global Advisory (M) Sdn Bhd provided financial advisory support for the market transfer.
-The Edge Malaysia
