The information technology (IT) solutions provider also saw 233.14 million shares changing hands in today’s early morning trade.

Cloudpoint offers solutions encompassing design, procurement, implementation, support, and after-sales maintenance.

Its clients are mostly large enterprises, comprising financial institutions, technology service providers and telecommunications companies in Malaysia.

Cloudpoint’s IPO was oversubscribed by 112.94 times ahead of its listing today.

It said the RM40.4 million raised through the IPO will help accelerate its growth, and expand its market share.

The company had previously allocated RM13.3 million towards business expansion, including building a new security operations centre, enhancing the existing network operations centre and establishing a new public cloud infrastructure.

The remaining RM15.8 million will be used for working capital, RM7.8 million for office relocation, and RM3.5 million for listing expenses.

For the first quarter ended March 31, 2023 (Q1 FY2023), the group’s net profit tripled to RM3 million compared to RM933,000 in the corresponding quarter last year.

Choong Wai Hoong, executive director and CEO of Cloudpoint, said “Enterprises are increasingly investing in new technologies to enhance business agility and competitiveness.

“Our IPO is perfectly timed to capitalise on these evolving trends, aligning us with tremendous market opportunities.”

At press time, Cloudpoint had pared its gains significantly, falling 28% or 21 sen to 54 sen, valuing the company at RM287 million.