Daythree Digital Bhd, a tech-driven global business service (GBS) provider, has made its debut on the ACE Market of Bursa Malaysia with shares soaring to more than double the initial public offering (IPO) price. Starting at 65 sen a share, which was twice the IPO price of 30 sen a share, the company aims to capitalize on the thriving GBS sector in Malaysia.
The listing exercise raised RM33.1 million for Daythree Digital, enabling the company to accelerate its business expansion amidst the positive prospects in Malaysia’s GBS sector. With the country’s GBS sector projected to grow at 6% per annum over the next five years, Daythree Digital is well-positioned to cater to the increasing demand for its offerings, given the global trend towards digital transformation.
Raymond Davadass, the Managing Director of Daythree Digital, expressed confidence in the company’s ability to meet the rising demand for GBS services. He acknowledged the strong desire for a digital economy, which will lead to more businesses adopting digitization in their operations. This, in turn, will drive the need for GBS services.
In the IPO exercise, Daythree Digital issued 110.4 million new shares, amounting to 23% of its enlarged share capital, at 30 sen a share. Additionally, existing shareholders of the company offered for sale 12 million existing shares, equivalent to 2.5% of the enlarged share capital, through private placement. Following the listing, Daythree Digital had a market capitalization of RM144 million based on its enlarged share capital of 480 million shares.
Raymond holds a 36% equity interest in the company through Dayspring Capital Sdn Bhd, down from 50% prior to the IPO. Cloud Marshal Sdn Bhd is the second-largest shareholder with a stake of 23.1%, down from 30%. M&A Securities Sdn Bhd acted as the adviser, sponsor, underwriter, and placement agent for the IPO exercise.
Daythree Digital’s successful debut on the ACE Market showcases the growing potential of Malaysia’s GBS sector. As the company expands its business operations, it aims to capitalize on the opportunities presented by the increasing demand for digital solutions and services in the market. With a firm focus on digital transformations, Daythree Digital is poised for further growth and success in the thriving GBS sector.
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