Go Hub Capital Bhd ($GOHUB (0311.MY)$) rose 175.71% in its initial public offering (IPO) on Bursa Malaysia Securities Berhad's ACE Market today raising RM37.5 million.    

Go Hub opened at 80 sen per share on a volume of 16.09 million shares versus its IPO price of 35 sen before climbing as high as 85 sen.

At 9.50am, the counter reached a high of 0.865 sen before tapering down to 0.86 sen with a trading volume of 780 580 000 shares traded.
Earlier, Bursa Malaysia Securities Berhad announced that its company's share allocation to the Malaysian public from its initial public offering has been oversubscribed by 78.71 times.

The Company received a total of 20,452 applications for 1,594,106,300 IPO Shares worth RM557.94 million from the Malaysian public, representing an oversubscription rate of 78.71 times.    

Tan Cherng Thong, Executive Director and CEO of Go Hub earlier said, "The exceptional response to our IPO underscores the market's confidence in Go Hub's business and future prospects. This overwhelming investor enthusiasm in the IPO and our Company is a strong testament to our strategic vision. It serves as both validation of our beliefs and a powerful impetus, fortifying our commitment to delivering innovative and pioneering IT solutions for public transportation.    

Having established a strong market presence in the rail, bus, terminals and our recent expansion into the ferry sector this year, Go Hub is well-positioned to drive growth and improve the public transportation systems across Malaysia. The positive reception from investors highlights the market's trust in Go Hub's capabilities and its dedication to advancing transportation technology."    

UOB Kay Hian Securities (M) Sdn. Bhd. is the Principal Adviser, Sponsor, Underwriter and Placement Agent in conjunction with the IPO.