Malaysia's CTOS Digital rises as high as 60% on market debut

[KUALA LUMPUR] Shares in Malaysia's CTOS Digital rose as high as 60 per cent in the first minutes of its market debut on Monday.

The credit reporting company, which launched a RM1.2 billion (S$386.3 million) initial public offering (IPO), opened 36 per cent higher than its offer price of RM1.10.

It was the largest IPO in Malaysia since Mr DIY Group's RM1.5 billion debut last year.

"We will also continue to expand our product offerings and customer reach while exploring acquisitions within Malaysia and throughout the Asean region," group chief executive officer Dennis Martin said in a virtual speech, referring to South-east Asia.

The listing saw the largest number of institutional investors - a total of 23 cornertones investors - participating in a Malaysian IPO.

The IPO was fully subscribed by the cornerstone investors including AIA Group, Aberdeen Standard Investments and two of Malaysia's largest government-linked funds, while its retail portion was oversubscribed by 27.6 times.

Maybank Investment Bank and RHB Investment Bank were joint principal advisers on the exercise.



BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to