KUALA LUMPUR: Cashless payment solutions provider Revenue Group Bhd made a strong debut on the ACE Market of Bursa Malaysia, opening at 55 sen, which was 18 sen above its offer price of 37 sen each.

At 9.03am, it was trading at 52.5 sen, up 15.5 sen.

There were 20.05 million shares traded at prices ranging from 52 sen to 60 sen.

The FBM KLCI fell 5.16 points or 0.3% to 1,732.12. Turnover was 84.84 million shares valued at RM36.75mil. There were 124 gainers, 59 losers and 168 counters unchanged.

Under its listing exercise, its offer of 11.14 million new shares to the public was oversubscribed by 11.22 times.

There were 3,699 applications for 136.21 million new shares, valued at RM50.40mil from the public.

Revenue raised RM20.61mil from its public issue of 55.71 million new shares. 

Of the proceeds, it would use RM8.10mil (39.3%) to purchase 9,000 units of new digital electronic data capture (EDC) terminals with the capability to accept Quick Response (QR) Payment.

Another RM4.04mil (19.6%) would be used to upgrade and enhance its revPAY platform and recruit more IT staff.

M&A Securities Sdn Bhd was the adviser, sponsor, underwriter and placement agent for the IPO.