China Jinjiang Environment makes its debut on SGX mainboard

CHINA Jinjiang Environment Holding Company Ltd made its debut on the Singapore Exchange (SGX) on Wednesday, trading a tad lower than its offer price.

The counter opened at S$0.885, below its initial public offering (IPO) of S$0.90 per share. At 2.13pm, the stock rose to S$0.90 with 2.6 million shares changing hands.

In late July, the waste-to-energy (WTE) operator in China launched its IPO for a SGX mainboard listing. The company offered about 92.42 million new shares at S$0.90 each. These comprised an international placement tranche of about 87.8 million shares and a public offer of about 4.62 million shares.

An over-allotment option to purchase up to an aggregate of about 13.86 million shares at the offering price has also been granted by the company.

China Jinjiang Environment said it expected to raise about S$184.3 million in gross proceeds, and intends to apply the net proceeds of about S$173 million (without over-allotment) or S$185.1 million (with over-allotment) on acquisitions, project investments, upgrading works on its facilities, repayment of debt, working capital and general corporate purposes.

Its business primarily focuses on the planning, development, construction, operation and management of WTE facilities in China.