KUALA LUMPUR (Jan 13): NationGate Holdings Bhd’s share price breached the RM1 mark and jumped 11% in early morning trade on Friday (Jan 13), merely a day after a firm start on the ACE Market of Bursa Malaysia. At the time of writing, the stock was up five sen to RM1.05 a share, with 89.96 million shares done. The electronics manufacturing service provider debuted on the ACE Market on Thursday, closing at RM1 against its initial public offering (IPO) price of 38 sen — a premium of 163.16%. Its trading volume was 654.92 million, while its market capitalisation stood at RM2.07 billion, making it the largest IPO on the ACE Market to date. “While NationGate can offer high-mix low-volume and low-mix high volume production set-ups, its strategic diversification towards recession-proof segments has borne fruition, especially amid the current economic downturn," the research house added.

Source: The Edge Markets January 13, 2023 05:24 UTC