On hitting the gong, the construction services provider saw 19.18 million of its shares traded. The company is the first Main Market listing this year.

Kitacon MD Tan Ah Kee said the company will continue to work hard with the same resolute focus to deliver sustainable growth.

“Today marks a major corporate milestone for us. We are humbled to receive such an overwhelming support and response from everyone through this significant journey.

“We believe Kitacon will grow in strength over the coming years and aim to reward our shareholders for their trust and confidence in accordance with our dividend policy to pay out at least 25% of profit after tax,” he said at the listing ceremony of the company today.

Meanwhile, Bursa Malaysia CEO Muhamad Umar Swift said the listing exercise came at an ideal time for the company to capitalise on the growing opportunities in the construction industry.

“This is a clear reflection of investors’ confidence in your company’s growth prospects in light of the favourable industry outlook. Kumpulan Kitacon is well-positioned to leverage on numerous opportunities following this timely listing exercise,” he said at the listing ceremony.

In a statement, Kitacon said for the nine-month financial period ended Sept 30, 2022, the company posted an unaudited combined net profit of RM35.2 million on the back of RM350.8 million revenue.

RHB Investment Bank Bhd is the principal adviser, sole underwriter and sole placement agent for this IPO exercise.