Ikhmas Jaya shares end first trading session 19% higher

PETALING JAYA: Piling and engineering specialist Ikhmas Jaya Group Bhd, which made its debut on the Main Market of Bursa Malaysia, saw its share price close 19% higher, or at a 11 sen premium to its issue price of 57 sen, in the first trading session today.
"I think the (opening) price is fair and reasonable. It reflects our strong fundamental," its managing director Datuk Ang Cheng Siong told reporters after its listing ceremony.
The group aims to raise RM71.82 million from the initial public offering (IPO), in which 44.31% of the proceeds raised will be utilised to purchase new construction equipment.
The group is engaged in engineering and construction activities, which it involved in piling and foundation works, bridge construction, building construction and other civil works.
Currently its order book stands at RM346 million, which made up mostly of its construction projects.