Penang: Oxford Innotech Bhd made a strong debut on Bursa Malaysia’s ACE Market today, opening at 36 sen, a seven sen or 24 per cent premium over its initial public offering (IPO) price of 29 sen. The Penang-based precision engineering firm saw 9.24 million shares traded at the opening.

According to BERNAMA News Agency, managing director Ng Thean Gin stated that the listing provides a platform for the company to expand its presence, particularly in the modular building systems, electrical and electronics, and semiconductor sectors. Ng announced plans for a new facility at Penang Science Park, with phase one completed two months ago and phase two expected to begin in the first quarter (1Q) of 2026. The company aims to complete the construction in the 1Q 2027 and commence operations in the 3Q of the same year. The second phase will add 67,722 square feet of production space, bringing the total manufacturing area to 192,896 square feet.

The company raised RM41.6 million through its IPO, with RM23.1 million allocated for the new factory, RM11.2 million for machinery purchases and refinancing, RM3.3 million for working capital, and RM4 million for listing-related expenses. Ng indicated that while there are no immediate plans for foreign operations, the company is actively seeking international customers through trade shows and exhibitions.

Ng expressed optimism about the company’s performance next year, citing stabilizing tariffs and the likelihood of higher capital spending by clients. He highlighted demand in areas like autonomous driving, data centres, and artificial intelligence as key drivers of long-term growth, which the company aims to support.

The strong performance of Oxford Innotech follows recent gains by other IPOs, as investor sentiment improves after a series of underwhelming listings on the ACE Market. Public demand for Oxford Innotech’s shares exceeded the available allocation by more than three times ahead of its debut.