PENANG-BASED technology company ECA Integrated Solution Bhd made a strong debut on the ACE Market today, hitting a high of 73 sen in the first half of the day, more than four times the IPO price of 17 sen a share.
ECA’s share price opened at 65 sen, representing a premium of 282.4% over the issue price, with an opening volume of 10.05 million shares.
Major shareholder and ED Chua Lye Hock said the automated manufacturing solutions provider plans to deploy the RM25.5 million IPO proceeds to expand its output and offer smart factory solutions.
“Offering smart factory solutions is on the card too. This is a natural progression for us as we are already providing smart manufacturing solutions since October 2020,” he said. — TMR / pic credit: ECA