Axcelasia trades 2% higher on Catalist debut

MALAYSIAN tax advisory firm Axcelasia traded 2 per cent higher on its first day on the Catalist board. By 11.14am, it was at S$0.255, with some 4.7 million shares traded.

Axcelasia raised about S$11.9 million by placing out 47.5 million shares at S$0.25 each. Its shares opened at S$0.26 on Friday.

In a statement on Friday, Axcelasia executive chairman Veerinderjeet Singh said: "We are ready to take Axcelasia onto a bigger platform. The launch of this IPO marks a significant milestone for us as it will allow us to embark on our next phase of growth by leveraging our success in Malaysia to scale up our presence in the Asean region."

The listing of Axcelasia brings the total number of Catalist companies on SGX to 171, with a combined market capitalisation of S$10 billion.