Malaysia's CTOS Digital rises as high as 60% on market debut

FILE PHOTO: An investor monitors share market prices in Kuala Lumpur, Malaysia, August 25, 2015. REUTERS/Olivia Harris./File Photo

KUALA LUMPUR (Reuters) - Shares in Malaysia’s CTOS Digital Bhd rose as high as 60% in the first minutes of its market debut on Monday.

The credit reporting firm, which launched a 1.2 billion ringgit ($285.24 million) initial public offering, opened 36% higher than its offer price of 1.10 ringgit.

It was the largest IPO in Malaysia since Mr DIY Group’s 1.5 billion ringgit debut last year.

“We will also continue to expand our product offerings and customer reach while exploring acquisitions within Malaysia and throughout the ASEAN region,” Group Chief Executive Officer Dennis Martin said in a virtual speech, referring to Southeast Asia.

The listing saw the largest number of institutional investors - a total of 23 cornertones investors - participating in a Malaysian IPO.

The IPO was fully subscribed by the cornerstone investors including AIA Group Ltd, Aberdeen Standard Investments and two of Malaysia’s largest government-linked funds, while its retail portion was oversubscribed by 27.6 times.

Maybank Investment Bank and RHB Investment Bank were joint principal advisers on the exercise.

($1 = 4.2070 ringgit)

Reporting by Liz Lee; Editing by Ed Davies, Martin Petty