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Samaiden managing director Chow Pui Hee said the successful listing “will spur us to continue to work diligently and to pursue our growth, elevating Samaiden to the next level of possibilities that we can achieve for our business”.

KUALA LUMPUR: Renewable energy (RE) solutions provider Samaiden Group Bhd made a sizzling debut on the ACE Market at RM1, which was 52 sen above its offer price of 48 sen.

However, Samaiden closed the day at 80.5 sen with a total of 155.3 million shares changing hands.

Samaiden raised RM29.35mil from its initial public offering (IPO) which involved a public issue of 61.155 million new shares.

Samaiden managing director Chow Pui Hee said the successful listing “will spur us to continue to work diligently and to pursue our growth, elevating Samaiden to the next level of possibilities that we can achieve for our business”.

She said the company was upbeat on the renewable energy sector and it would continue to focus on the renewable energy sector and complement the sector’s growth over the next few years.

Under its listing exercise, its offer of 10.5 million new shares at 48 sen each to the public was oversubscribed by 56.5 times.

There were 15,857 applications for 603.95 million new shares received from the public for the 10.50 million new shares offered by Samaiden.

Based on its enlarged issued share capital of 210 million shares at 48 sen each, the company’s market capitalisation would be RM100.8mil.

Its subsidiaries are involved in engineering, procurement, construction and commissioning of solar photovoltaic systems and power plants.

They also provide renewable energy and environmental consulting services, as well as operations and maintenance services.

Alliance Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for this listing exercise.

https://www.thestar.com.my/business/business-news/2020/10/16/samaiden-aces-it-with-a-sizzling-debut