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-- 4.6110 Market Mover | Azam Jaya Berhad Surged Over 32% on Its IPO Debut
On 11th November, 2024 - $AZAMJAYA (5329.MY)$ saw its shares surge by over 32% on its first trading day on Monday, soaring to RM1.03 from an initial issue price of RM0.78, with a turnover of RM44.17 million. Moreover, the public portion of its initial public offering (IPO) was oversubscribed by 23 times.
Significantly, Azam Jaya Bhd published its financial report for the second quarter of FY24 on 7th November. The report revealed that the company's revenue for the quarter reached RM75.04 million, with a net profit of RM4.65 million and earnings per share (EPS) of 0.93 sen.
Azam Jaya Berhad is a Malaysian investment holding company specializing in construction services, primarily in Sabah. It has four subsidiaries, all Grade 7 contractors, enabling nationwide project execution. The group excels in road infrastructure, having completed over 50 projects, including the Pan Borneo Highway. Financially strong, it holds a 5.94% local market share with MYR 274.77 million revenue in FY2023 and has ongoing projects valued at RM1.08 billion.
The funds raised, totaling RM61.464 million, will be allocated towards several key areas: enhancing construction capabilities, working capital for construction projects, repayment of bank borrowings and listing expenses.
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