IT seems that Samaiden Group Bhd’s stellar initial public offering (IPO) debut on Oct 15 is difficult to emulate.
Piling and foundation specialist Aneka Jaringan Holdings Bhd which made a similar debut on the ACE Market of Bursa Malaysia with an IPO price of 33 sen per share (which translated to a listing market capitalisation of RM177.57 mil) is currently ‘under the water’.
At 4.30pm, the company has shed 3.5 sen to 29.5 sen with 114.84 million shares traded. The stock has traded between a high of 35 sen and a low of 29 sen.
Aneka Jaringan which offered of 26.90 million shares to the public was oversubscribed by 12.68 times. There were 9,094 applications for 368.07 million shares from the public for the shares.
About RM46.16 mil was raised from the IPO exercise where RM17.30 mil will be utilised for the purchase of rotary drilling rigs and crawler crane, RM24.26 mil for repayment of borrowings and RM4.60 mil to defray IPO expenses, according to the company.
Samaiden which debuted at an IPO price of 48 sen per share closed its maiden day trading at 80.5 sen after having touched an intra-day high of RM1.12.
Southern Cable Group Bhd which was listed on the ACE Market on Oct 16, too, fared miserably by finishing its first day trading at 33 sen or one sen below its IPO price offer of 34 sen. – Oct 20, 2020
