KUALA LUMPUR (June 23): YX Precious Metals Bhd (YXPM), which was listed on Bursa Malaysia's ACE Market on Thursday (June 23, 2022), said the jeweller plans to increase its market share in Malaysia because there is still lot of room for improvement as YXPM only has a 6.1% share in the Malaysian jewellery market.

"Right now, we are planning to increase the market share in Malaysia [and] there is no plan to increase the overseas market share tremendously because we only have 6.1% market share [in Malaysia]. [So] we still see a lot of room for improvement, even in the local market.

"We are now serving around 300 [retail] customers and we hope to serve more [customers] with the funds [raised from the initial public offering (IPO)] coming in," YXPM managing director Ng Sheau Chyn said at a press conference after YXPM's listing on Thursday.

YXPM is a 70%-owned subsidiary of Bursa's Main Market-listed jeweller Tomei Consolidated Bhd, according to YXPM's prospectus.

At Bursa on Thursday, YXPM was listed at its IPO price of 28 sen a share. During Bursa's 12.30pm break, YXPM's share price settled unchanged at 28 sen after the stock was traded at between 27 sen and 30.5 sen so far on Thursday.

YXPM, which was the most-active stock on Bursa, registered a trading volume of 129.95 million shares.

Meanwhile, Tomei's share price settled down one sen or 1.07% to 92.5 sen with 196,700 shares transacted.

At the press conference, Ng said YXPM will "work harder" to generate higher revenue in the future.

"We will work harder. Since we serve retail customers, we are also very cautious about attracting new customers as we need to assess credit risk," she said.

YXPM's IPO involved a public issue of 111.65 million new shares at 28 sen each.

According to YXPM's prospectus, the company's enlarged number of issued shares upon listing stood at 372.15 million, which gives YXPM a market capitalisation of RM104.2 million based on its 28 sen IPO share price.

Public Investment Bank Bhd was the principal adviser, sponsor, sole underwriter and sole placement agent for YXPM's IPO, according to the prospectus.