ACE Market debutant Vanzo Holdings Bhd is off to a great start after recording a 16.67% increase in premium in Bursa Malaysia today.

As of 9:03am, Vanzo's shares in the ACE Market are trading at 17.5 sen, an increase of 2.5 sen, from its opening price of 15 sen with 5.72 million shares traded so far.

It was previously reported that the company, which markets car fragrance and indoor fragrance products, said it intends to raise RM14 million to fund retail network expansion and marketing activities.

The company said it had earmarked 47.2% of the proceeds for business expansion and marketing activities, 21.4% to repay bank borrowings, and the rest for working capital (5%) and listing-related expenses (26.5%).

Vanzo noted that the expansion will include a plan to set up four new retail kiosks to raise Vanzo's brand visibility and customer base.

M&A Securities Sdn Bhd is Vanzo's IPO principal advisor, sponsor, underwriter and placement agent. Eco Asia Capital Advisory Sdn Bhd is the financial advisor.