KUALA LUMPUR: Cloudaron Group Bhd opens 45 per cent or five sen higher at 16 sen on its debut on Bursa Malaysia’s new Leading Entrepreneur Accelerator Platform (LEAP) Market.

As at 10.15am, the Singapore-based IT solution provider, which became the first LEAP listing, saw 2,100 shares changing hands as it hit a high of 16 sen and a low of 15 sen.

The LEAP Market is a new market offered by Bursa to provide SMEs with greater fund raising access and visibility via the capital market, though the market will only be accessible to sophisticated investors.

Under the IPO, Cloudaron issued 50 million new shares, representing 6.4 per cent of its enlarged share capital, at 11 sen each for a total value of RM5.5 million. It reportedly plans to use the funds raised for working capital and expansion of its business to Indonesia and the Philippines.