STOCKS NEWS SINGAPORE-JB Foods jumps 40 pct above IPO price
Shares of JB Foods Ltd, a Malaysian cocoa ingredient producer, surged 40 percent above the initial public offering price of S$0.30 on their trading debut in Singapore.
JB Foods shares leapt as high as S$0.42 on volume of more than 130 million shares. The stock was the top traded by both value and volume in the overall Singapore market. The FT ST Small Cap Index was down 0.5 percent.
JB Foods sold 100 million shares, comprising 84 million new shares, at S$0.30 each.
The company said it intends to use the net proceeds of S$23 million ($18.3 million) to fund acquisitions, finance the construction of a factory and a warehouse in Malaysia, acquire production equipment and machinery, among others.
JB Foods is one of the latest small-cap IPOs in the Singapore market.
Food caterer Neo Group Ltd made a strong trading debut two weeks ago, but its shares have fallen and were now trading only about 3 percent above its IPO price.
1050 (0250 GMT) ($1 = 1.2569 Singapore dollars) (Reporting by Eveline Danubrata in Singapore; email@example.com)
- Tweet this
- Share this
- Digg this