Yangzijiang Maritime, the spin-off listing of Yangzijiang Financial Holding, closed at 67 cents on its debut day of trading on Nov 18, 11.7% higher than its placement price of 60 cents per share.
Trading commenced at 9am on Nov 18 at 66 cents and reached an intraday high of 71 cents. By the end of the day, about 58 million shares were traded.
In conjunction with the introduction, Yangzijiang Maritime successfully raised gross proceeds of approximately $5.2 million via a private placement of 8,638,000 shares at the placement price. SAC Capital and China International Capital Corporation (Singapore) are the joint placement agents for the private placement.
Based on the closing price the market capitalisation of Yangzijiang Maritime is approximately $2.34 billion.
“We are extremely proud to celebrate the successful listing of Yangzijiang Maritime on SGX today, which marks our third SGX-listed entity and a defining milestone in Yangzijiang’s growth journey," says Ren Yuanlin, executive chairman and CEO of Yangzijiang Maritime.
