Southern Alliance Mining achieves 8% premium on trading debut
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Update time : 2020-06-26 21:32:04
MALAYSIA-BASED iron-ore producer Southern Alliance Mining (SAM) on Friday ended its first day of trading on the Catalist board at S$0.27, 8.0 per cent above its its initial public offering (IPO) price of S$0.25.
From the start of trading at 9am till market close, the units traded within a narrow band of S$0.26 to S$0.27. Around 4.2 million shares changed hands.
The stock opened at S$0.26, up S$0.01 or 4 per cent from its IPO price. Its share price rose to 26.5 Singapore cents with 3.1 million shares traded just after 11am, and managed to sustained its intra-day high of S$0.27 till the end of trading.
The company has a market capitalisation of around S$122 million.
The firm on Thursday said its placement of 76 million shares at S$0.25 each was fully subscribed. Application monies received for these placement shares amounted to S$19 million.
