PMW International Bhd made a modest debut on the ACE Market, closing its first trading day at 34.5 sen — half a sen or 1.47% above its initial public offering (IPO) price of 34 sen — despite a generally weaker market.
The Perak-based concrete products manufacturer opened at 34 sen and dipped to an intraday low of 32 sen before recovering to end slightly higher. Trading was active, with 102.93 million shares changing hands. Based on its last traded price of 34 sen, the group’s market capitalisation stands at RM307.8 million.
PMW CEO Lee Hon Hwa (fifth left) with other representatives at Tuesday’s listing ceremony.
PMW’s listing came as both the FBM KLCI and the ACE Market index declined. Its IPO had attracted strong demand, with public subscriptions oversubscribed nearly 32 times.
The company manufactures pre-stressed concrete products such as spun poles, piles, and related items. It also produces moulds, machinery, and lighting products for customers in the power, telecommunications, and construction sectors locally and overseas. Headquartered in Lahat, Perak, PMW also operates manufacturing facilities in Sabah.
The IPO raised close to RM91 million, comprising RM60.66 million from the public issue of new shares and RM30.33 million from the offer for sale by existing shareholders. About 78% of the proceeds from the public issue will fund expansion plans, including a new manufacturing plant in Tanjung Manis, Sarawak, to support demand in East Malaysia. The remaining funds will go toward new machinery, equipment, and working capital.
Proceeds from the offer for sale were channelled to CEO Lee Hon Hwa, his siblings Khim Hwa and Siew Yoke, and Richard Lee, who oversees operations in Sabah. Khim Hwa serves as executive director for business development, while Siew Yoke is the chief human resources officer.
KAF Investment Bank acted as principal adviser, sponsor, sole underwriter, and sole placement agent for the listing.
