KUALA LUMPUR: Human capital management (HCM) solutions and technology provider Ramssol Group Bhd made its debut on the ACE Market on Tuesday, opening at 70 sen or 25 sen above its offer price of 45 sen.

       At 9.03am, it was trading at 65.5 sen. There were 25.36 million shares traded at prices ranging from 61 sen to 73 sen.

       The FBM KLCI was up 5.62 points or 0.37% to 1, 518.51. Turnover was 159.16 million shares valued at RM61.48mil. There were 159 gainers, 81 losers and 225 counters unchanged.

       Analysts had accorded a fair value of 62 sen based on a 15 times price-to-earnings (PE) multiple to its FY 2022 forecast earnings per share of 4.2sen.

       Its core businesses include information technology (IT) staff augmentation services and HCM technology applications.

       Ramssol raised RM25.1mil from its IPO to partly fund its regional business expansion, of which RM2.5mil is to expand into the Philippines.

       Its initial public offering (IPO) shares offered to the Malaysian public were oversubscribed by 102.88 times.

       Ramssol group managing director and CEO Cllement Tan Chee Seng said: “Living in an era where technology in business is a growing necessity, businesses need technology to drive greater performance and efficiency to sustain.

       "We have laid out a robust expansion strategy and this includes expanding our regional presence in Southeast Asia by tapping into the Philippines market."

       Tan also said the demand for digitalisation of HR will grow significantly in the next couple of years.

       "Keeping this in mind, we will constantly capture the growth opportunities by continuously innovate our HCM tech solutions products offering and are committed to helping organisations invest in the right tools and management strategies.”