Procurri sinks slightly on SGX debut

TECHNOLOGY firm Procurri Corporation eased below its initial public offering (IPO) price of 56 Singapore cents upon its debut on Singapore Exchange on Wednesday morning.

The counter opened at 54 Singapore cents and was trading at the same level at 9.33am, with about 4.76 million shares worth S$2.59 million changing hands. It reached a high of 55.5 Singapore cents and a low of 53.5 Singapore cents in early trading.

The benchmark Straits Times Index was up 0.44 per cent at 2,932.44 at 9.35am.

Procurri's public offer of 6.88 million new shares had drawn a subscription rate of 10.1 times at the close of the offering at noon on July 18.

It had received 1,796 valid applications and application monies amounting to some S$39 million for the new shares under the public offer tranche.

The 62 million new shares offered under the placement tranche and allocated to institutional and other investors were fully subscribed with application monies received amounting to some S$34.7 million.

Overall, the offering was 1.9 times subscribed.

Mainboard-listed Procurri is 46.53 per cent owned by Catalist-listed DeClout.