KUALA LUMPUR : Ping Edge Technology Bhd concluded its trading debut on Bursa Malaysia’s LEAP Market with a notable 52.2% increase, closing 12 sen higher at 35 sen compared to its reference price of 23 sen.
The commercial kitchen equipment supplier saw its shares open at 24 sen, registering a modest 4.4% rise at the opening bell. By 9.30am, shares surged to 35 sen in light trading and remained steady at that level until market close.
Ping Edge is the second company to list on the LEAP Market in 2024. Its managing director, Soh Yeow Seng, described the listing as a significant milestone for the group, attributing it to the collective dedication and perseverance of the team.
The company specialises in trading commercial foodservice and kitchen equipment primarily through two online platforms. Kitchen Arena focuses on the sale of new equipment, while Murah Kitchen caters to the pre-owned segment.
Currently, Ping Edge offers an extensive portfolio of approximately 430 brands, including prominent names such as Frezmac, Modelux, Unox, Fresh, Redor, Powerline, Snow, Fagor, Robot Coupe, and Aeglos.
Based on the closing price, Ping Edge commands a market capitalisation of RM78 million, implying a valuation of nearly 27 times its trailing earnings.
The company raised RM5.15 million via private placement in conjunction with the listing. The proceeds will be utilised as follows: 19.4% for the establishment of an additional showroom and storage facility in Penang, 9.7% for digital infrastructure enhancement, 46% for working capital, and the remaining 24.9% allocated towards listing-related expenses.
Ping Edge’s entry into the capital market was facilitated by TA Securities, which serves as its approved adviser, placement agent, and continuing adviser.
The LEAP (Leading Entrepreneur Accelerator Platform) Market is a sponsor-driven platform tailored for emerging enterprises, including SMEs, to gain improved capital access and investor visibility. It remains accessible exclusively to sophisticated investors.
-The Edge
