Terratech flat after strong start

THE stock of premium marble producer Terratech Group shot up by more than a fifth to a high of 28 Singapore cents on its first day of trading on the Catalist board yesterday.

But the initial burst of interest which saw the stock open trading at 27 Singapore cents evaporated, resulting in it closing the day at 23.5 Singapore cents, just 2.2 per cent above its initial public offering price of 23 cents. More than 111.5 million shares changed hands.

Terratech, a unit of Singapore Exchange-listed engineering firm Tritech Group, had issued 108.7 million shares - comprising 43.5 million new shares and 65.2 million vendor shares - with the offer price giving it a value of about S$141.46 million.