KUALA LUMPUR: AMS Advanced Material Bhd debuted flat on the ACE Market before slipping into the red in early trade.

The counter opened at its offer price of 29 sen and was among the most actively traded stocks on Bursa Malaysia.

At 9.06am, it fell 1.72 per cent, or half a sen, to 28.5 sen, with more than 22 million shares changing hands.

The aluminium specialist's public portion of its initial public offering (IPO) was oversubscribed by 9.03 times.

The IPO involved a public issue of 113 million new ordinary shares, representing 18.46 per cent of its enlarged issued share capital of 612 million shares.

It also included an offer for sale of 47 million existing shares via private placement to selected investors.

Proceeds from the IPO will be used for product expansion and the development of a new licensed manufacturing warehouse in Penang.

AMS is principally involved in the trading and processing of semi-finished aluminium and copper products.

Headquartered in Penang, the company operates mainly in Malaysia and Singapore, serving industries such as aerospace, automotive, construction, semiconductor and consumer furnishings.

It supplies materials including plates, sheets, coils and extrusion profiles.

For the first quarter ended Dec 31, 2025, AMS posted a net profit of RM2.66 million, supported by its processing operations and improved margins.

Revenue stood at RM34.9 million, driven by its semiconductor and engineering support segments.