KUALA LUMPUR: Shares of LGMS Bhd rose as much as 23% in early trade on their first day of trading on the Ace Market of Bursa Malaysia.

       The cybersecurity firm rose 11.5 sen, or 23% to 61.5 sen. It is currently the most heavily traded counter with 109.79 million shares done.

       It raised RM45.7mil via the initial public offering (IPO) exercise.

       Of the total proceeds, more than 80% of the total gross IPO proceeds amounting to RM38.2mil will be utilised towards business expansion including the purchase of a new office with larger space, workforce expansion, capital expenditure and strategic regional expansion into fast-growing markets such as Singapore, Vietnam and Cambodia.

       The remaining RM7.5mil has been set aside for working capital purposes and defrayment of listing expenses.

       In the first quarter ended March 31, LGMS posted a net profit of RM3.09mil on revenue of RM7.84mil.

       There are no comparative figures from the preceding quarter as this is the first interim financial report from the company for the quarter and period ended March 31, 2022.