Carlo Rino Group Bhd's debut on the ACE Market started on a bad foot as its share dropped four sen, a 14.81% decline, from its listing price of 27 sen.

As of 9:28am, Carlo Rino's stock is trading at 23 sen with 41.7 million shares traded.

Carlo Rino, principally involved in the design, promotion, distribution, retail and marketing of women's handbags, footwear and accessories, had filed for a listing transfer from the LEAP Market to the ACE Market on Oct 28 by signing an underwriting agreement with TA Securities Holdings Bhd.

In conjunction with the listing transfer, the group through an IPO exercise has issued a total of 171.87 new ordinary shares, representing approximately 17.58% of the Company's enlarged issued share capital.

According to Carlo Rino, proceeds raised from the IPO will be utilised for the construction and fitting out of a new flagship boutique at Jalan Imbi, Kuala Lumpur, and other facilities, including IT and security systems; refurbishment of boutiques and counters at departmental stores and the maintenance of IT infrastructure. The remaining proceeds will be utilised towards working capital of the group and payment of IPO expenses.

TA Securities is the principal advisor, sponsor, sole underwriter and placement agent of the IPO.