RichTech Digital Berhad (“RichTech” or the “Company”), a company involves in the distribution of electronic reloads and provision of bill payment services in Malaysia, made its debut on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) today. The Company opened at RM0.75 per share, achieving a 200% premium over its Initial Public Offering (“IPO”) price of RM0.25 per share.
RichTech is listed under the stock name “RTECH” and stock code “0342”.
Established in 2010, RichTech is a provider of electronic reloads and bill payment services in Malaysia, powered by its proprietary SRS platform. The SRS platform enables electronic reloads for mobile airtime and data, prepaid digital TV, gaming credits, application credit, and e-wallet credit, as well as bill payments for postpaid mobile network, utilities, maintenance services of national sewerage systems, internet, postpaid digital TV, quit rent, assessment payment, and education loans. Presently, it serves over 4 million users nationwide.
Through its IPO, RichTech successfully raised RM13.67 million. The proceeds will be utilised as follows:
· RM4.50 million for marketing, promotional and collaboration activities to expand the user base of end-users for its SRS App and SRS Portal.
· RM3.00 million for the acquisition of a new office, consolidating RichTech’s headquarters and branch office under one roof for corporate profiling and ease of administration.
· RM3.00 million for working capital to support the growing digital transaction volume and platform scaling.
· RM3.17 million for estimated listing expenses.
Mr. Wong Koon Wai, Non-Independent Non-Executive Chairman of RichTech, commented, “Today’s listing on the ACE Market represents a significant milestone for RichTech as we embark on our next phase of growth. This achievement underscores our commitment to delivering innovative and reliable solutions for electronic reloads and bill payment services. We are excited about the opportunities ahead and remain focused on driving innovation, expanding our market presence, and creating sustainable value for our stakeholders.”
En. Rohaizad Ismail, Chief Executive Officer of KAF, added, “RichTech’s successful listing highlights the strong confidence in its vision and growth potential. We are proud to support the Company in this transformative journey and believe this milestone will pave the way for RichTech to strengthen its leadership in Malaysia’s fast-evolving electronic reload and bill payments industry.”
According to an Independent Market Research report, the electronic reload and bill payment services industry in Malaysia grew at a compound annual growth rate (CAGR) of 13.4% from 2020 to 2023 and is projected to grow at a CAGR of 11.5% from 2024 to 2026. RichTech is well-positioned to capitalise on this growth, supported by its advanced platform, strong supplier relationships, and extensive user network.
The listing on Bursa Securities provides RichTech with a strong foundation to accelerate its growth strategy and solidify its position as a key player in the digital payment ecosystem.
