As at 12.29pm, its share price has continued to rise to 36 sen, a 44% increase from the reference price. Its market capitalisation stood at RM129.6 million.

It was the most actively traded counter with over 230 million shares exchanging hands.

Minox has over 20 years of experience in the distribution of stainless steel sanitary valves, tubes, fittings and rubber hoses.

The group raised RM22.5 million from the IPO, with 57.9% of the proceeds to be utilised towards business expansion.

RM4 million (17.8%) will be allocated for product development and deployment, another RM4 million (17.8%) for the construction of the group’s fourth warehouse and RM5 million (22.3%) for the setting up of a new warehouse in Singapore.

Managing director Cheong Chee Son said the group will introduce new vacuum fittings and valves tailored for semiconductor production lines and construct a fourth warehouse in Puchong to cater for higher sales volume.

“Beyond the local shore, we are setting up a new warehouse in Singapore to store our new vacuum fittings and valves for the semiconductor industry as well as to store inventories that cater for customers in Singapore and abroad,” he said in a statement today.

For the six months ended June 30, 2023, the group achieved a net profit of RM4 million on the back of RM26.1 million revenue. About 92.7% of the group’s revenue was contributed by the sales to the food and beverages industry.

Domestic sales formed 26.2% of turnover while exports contributed 73.8%. Its largest market is Indonesia at 41.1%, followed by Singapore (20.8%), Thailand (7.5%) and others (4.4%).

M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for Minox’s IPO exercise.