KUALA LUMPUR: HPMT Holdings Bhd made a steady debut on the Main Market of Bursa Malaysia on Wednesday, opening at 58 sen, which was two sen above its offer price of 56 sen.

At 9.02am, it was trading unchanged at 56 sen with 13.05 million shares done due to weaker broader market.

The FBM KLCI fell 7.53 points or 0.46% to 1,643.67. Turnover was 46.71 million shares valued at RM21.71mil. There were 69 gainers, 88 losers and 153 counters unchanged.

HPMT manufactures and distributes cutting tools for metalworks. It raised RM42.3mil from its listing exercise.

Of the RM42.30mil, it planned to use RM34mil to purchase new machinery while RM2.90mil would be working capital.

Upon listing, its capitalisation was RM184mil.

Hong Leong Investment Bank Bhd was the principal adviser, underwriter and placement agent for this listing exercise. 

HPMT has an export market share of about 23.6% based on the export revenue of RM68.3mil in FYE2018, making HPMT among the prominent cutting tool manufacturers in Malaysia.