Seers makes debut on LEAP with a premium

KUALA LUMPUR: Seers Bhd made its debut on the Bursa Malaysia Leading Entrepreneur Accelerator Platform (LEAP) Market today at 8.5 sen, a half sen premium over the initial offer price.
At the opening bell, 100,000 shares were traded.
Seers, a water heating solutions specialist and the eighth company to be listed on the LEAP market, is expected to raise RM5.15 million through this listing.
Co-founder and managing director Ken Foo Kwok Hsing said with the capital raised, the company is focused on expanding in the Asia Pacific region and its retail market.
“Seers plans to use RM1.3 million raised from the initial public offering as capital expenditure and RM2.95 million as general working capital,” he told a press conference after the company’s listing.
The company is also aiming to increase exports to Indonesia, Thailand and Cambodia from 5% currently to 30% in a year’s time.
“We have a strong base in Malaysia, with 90% of our market share being local. We also hope to gain an increase of 30% increase in total revenue,” Foo said.
As for the retail business, he said the company was positive over gaining market traction as its water heaters were energy saving and cheaper than the conventional ones.
At the close of trading, Seers shares were two sen higher at 10 sen, with 2.15 million shares changing hands. – Bernama