KUALA LUMPUR: Mechanical engineering services provider Pioneer Heat Holdings Bhd made a positive debut on the ACE Market on Thursday.

The counter jumped 32%, or eight sen, to 33 sen, with 55.2 million shares traded, making it the second most active counter on Bursa Malaysia at 9.59am.

The stock had opened at 25.5 sen, slightly above its initial public offering (IPO) price of 25 sen per share.

Pioneer Heat raised RM21.68mil from its IPO. Of the proceeds, RM4mil will be used to set up its new headquarters in Sendayan, Negri Sembilan, and RM2.07mil for a new office in Sarawak.

Another RM4.01mil will be used to purchase machinery and equipment, RM7.90mil for working capital and RM3.70mil for listing expenses.

Malacca Securities is the principal adviser, sponsor, underwriter and placement agent for the listing.

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