KUCHING: Ramssol Group Bhd (Ramssol), a local leading Human Capital Management (HCM) solutions and technology provider, who has its base across Malaysia, Singapore, Thailand, Vietnam, and Indonesia has successfully debuted on the ACE Market of Bursa Malaysia Securities Bhd today at an opening price of RM0.70, which is 55.6 per cent above its IPO price of RM0.45 per share.
The company’s IPO had a positive start which saw its 11.20 million new shares that was made available for Malaysian public were being oversubscribed by 102.88 times.
Additionally, the 5.6 million shares that was made available to the eligible directors, employees, and business associates were fully subscribed. Furthermore, the 61.26 million shares made available by way of private placement to selected investors have also been fully placed out.
Ramssol group managing director and chief executive officer Cllement Tan Chee Seng said, “Living in an era where technology in business is a growing necessity, businesses need technology to drive greater performance and efficiency to sustain.
“We have laid out a robust expansion strategy and this includes expanding our regional presence in Southeast Asia by tapping into the Philippines market.
“The demand for digitalisation of HR will grow significantly in the next couple of years. Keeping this in mind, we will constantly capture the growth opportunities by continuously innovate our HCM tech solutions products offering and are committed to helping organisations invest in the right tools and management strategies.”
From the RM25.1 million in IPO proceeds, RM2.5 million will be allocated for business expansion into the Philippines while RM6.3 million will be allocated for the expansion of Feet’s, as well as that of third-party collaboration platform, Lark, in Southeast Asia.
The company is allocating RM4.1 million for research and development expenditure, RM7.6 million for working capital and the remaining RM4.6 million for listing expenses.
“We are pleased to achieve this significant milestone and I’m looking forward to continuing to grow our base of customers and partners regionally,” Tan added.
During the virtual launch, Cllement Tan also thanked Bursa Malaysia Securities Berhad and the Securities Commission Malaysia for their guidance throughout the listing journey.
Kenanga Investment Bank Bhd (KIBB) is the principal adviser, sponsor, underwriter and placement agent for Ramssol’s IPO.