April 26, 2012 / 1:15 AM / 7 years ago

Singapore's Global Premium shares open 13.5 pct above IPO price

SINGAPORE, April 25 (Reuters) - Shares of Singapore’s Global Premium Hotels Ltd traded 13.5 percent higher than their initial public offering price as the company made its market debut on Thursday.

Over the past few weeks, some Singapore IPOs have fared well on their trading debut, encouraged by a firm market. Global Premium shares traded at S$0.29 in volume of more than 77 million shares, topping the list of most actively traded stocks.

Global Premium, the hospitality arm of Fragrance Group Ltd , raised S$117 million after issuing 450 million new shares at S$0.26 each.

The company operates 23 mid-range hotels in Singapore, mostly under the “Fragrance” brand. (Reporting by Charmian Kok; Editing by Anshuman Daga)

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