At midday, Kuala Lumpur stock exchange's benchmark composite index shed 5.11 points to 1,601.74 points, from Monday's close of 1,606.85 points, barely above the 1600-point support level.

The benchmark index opened 1.59 points lower this morning, as some investors await the US Fed's upcoming rate decision on Wednesday. As at 9:05am, the key index declined further, down 3.08 points to 1,603.77 points. The index further slipped to 3.24 points as at 9:21am.

As at 10:36am, the key index recovered slightly and narrowed the decline to 1.59 points to 1,605.26 points.

ACE Market's newly listed Vanzo Holdings Bhd this morning recorded a 16.67% increase over its listing price of RM0.15, rising 2.5 sen to trade at RM0.175 as at 9:03am. The stock of Vanzo at one point rallied up four sen, or 26.67%, to the high of RM0.19 during the half-day session. At midday, Vanzo traded at RM0.18, 20.00% above its Initial Public Offering (IPO) price.

According to earlier reports, the IPO involves a public issue of 93.35 million (93,351,000) new shares and an offer for sale of 46.68 million (46,675,000) existing shares.

Vanzo has allocated 46.68 million (46,675,000) of new shares for private placement to selected investors, 23.34 million (23,338,000) for eligible directors, employees and individuals who have contributed to the group, and lastly 23.34 million (23,338,000) new shares for the Malaysian public. The offer of 46.68 million existing shares, meanwhile, will be allocated by private placement to selected investors.

The potentially over RM21.00 million (RM21,003,900) of IPO proceeds will be utilised largely towards business expansion and distribution & marketing cost, as well as repayment of bank borrowing and payment of listing expenses.

Established in 2018, Vanzo is involved in the production and product design and marketing of fragrance for cars, interior and personal care. In financial year ended 30 September 2023, Vanzo recorded a net profit of RM5.1 million on the back of RM40.86 million in revenue.