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KUALA LUMPUR (Oct 20): Piling and foundation outfit Aneka Jaringan Holdings Bhd fell below its initial public offering (IPO) price in active trade this morning.

At 9.15am, Aneka Jaringan, which made its debut on the ACE Market of Bursa Malaysia today, was four sen lower at 29 sen with 53 million shares traded.

Aneka Jaringan’s IPO price was 33 sen per share.

In a statement in conjunction with its virtual listing ceremony, independent non-executive chairman Datuk Tan Gim Foo said the IPO was the outcome of efforts and commitment of Aneka Jaringan’s team which strived tirelessly over the years to realise its vision.

“Just as how our expertise in foundation gives our clients a solid start, the IPO gave us the platform to realise our aspirations and accelerate our expansion plans.

“I have every confidence that our team will scale greater heights as we move further into regional opportunities.”

Aneka Jaringan said its IPO had attracted strong interest, with the offering to the Malaysian public being oversubscribed by 12.68 times.

It said approximately RM46.16 million was raised from this IPO, where RM17.3 million will be utilised for the purchase of rotary drilling rigs and crawler cranes, RM24.26 million for repayment of borrowings and RM4.6 million to defray IPO expenses.

Alliance Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for Aneka Jaringan’s IPO.