Malaysia’s credit reporting firm CTOS Digital soars 60% on market debut

The KL Tower is seen, with a background of the cityscape in Kuala Lumpur, Malaysia.

Shares in Malaysia’s CTOS Digital Bhd rose as high as 60% in the first minutes of its market debut on Monday.

The credit reporting firm, which launched a 1.2 billion ringgit ($285.24 million) initial public offering, opened 36% higher than its offer price of 1.10 ringgit.

It was the largest IPO in Malaysia since Mr DIY Group’s 1.5 billion ringgit debut last year.

“We will also continue to expand our product offerings and customer reach while exploring acquisitions within Malaysia and throughout the ASEAN region,” Group Chief Executive Officer Dennis Martin said in a virtual speech, referring to Southeast Asia.

The listing saw the largest number of institutional investors – a total of 23 cornerstone investors – participating in a Malaysian IPO.

The IPO was fully subscribed by the cornerstone investors including AIA Group Ltd, Aberdeen Standard Investments and two of Malaysia’s largest government-linked funds, while its retail portion was oversubscribed by 27.6 times.

Maybank Investment Bank and RHB Investment Bank were joint principal advisers on the exercise.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.