Market Mover | VETECE Surged Over 80% on Its IPO Debut

Significantly, VTC published its financial report for the third quarter of 2024 on August 26. The report revealed that the company's revenue for the quarter stood at RM6.87 million, with a net income of RM1.51 million and an earnings per share (EPS) of 0.51 sen.

VETECH Holdings Berhad was incorporated in Malaysia on November 22, 2023, as a private limited company. The company's business operations are primarily based in Malaysia and operate as an investment holding company with subsidiaries VTCM and VTCS, primarily providing enterprise IT solutions, including implementation, maintenance, support, professional services, and the resale of hardware and software.

The company issued a total of 98 million new ordinary shares. Specifically, 19.6 million shares were allocated for application by the Malaysian public, 9.8 million shares were designated for application by eligible persons, and 68.6 million shares were allocated for private placement to selected investors. Additionally, concurrently with the new share issuance, the company also offered 39.2 million existing ordinary shares for sale through private placement to a select group of investors.

The funds raised, totaling RM24.50 million, will be allocated towards several key areas: launching new core products and services, enhancing operations in Singapore, establishing a Center of Excellence (COE) for software solutions, paying hardware and software licensing fees, repaying loans, and covering the estimated expenses related to the listing process.