Soon Hock Enterprise Holdings closed at 57.5 cents on its first day of trading on Oct 16, lower than its IPO price of 58 cents.
The industrial properties developer opened at 63 cents and went to an intra-day high of 64 cents. It closed with 27,654,5000 shares changing hands.
The group’s initial public offering (IPO) of $48.1 million was 9.8 times subscribed. For the 2.8 million shares available in the retail tranche, there were 1,444 applications for a total of 47.3 million shares, which makes this 16.9 times subscribed.
The larger international offer of 18.78 million shares received interest worth $95.1 million, which made the tranche 8.7 times subscribed.
In addition, this issue attracted cornerstone investors who together put in $35.6 million.
"With the funds raised, we intend to actively pursue market opportunities to acquire new land sites and buildings for development and redevelopment," says executive director and CEO Tan Min Loon.
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Part of the proceeds will also be allocated to partly finance the cost of the company's existing property development and redevelopment projects in the pipeline.
Shares in Soon Hock closed flat at 57.5 cents on Oct 16.
