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Zico performs strongly on its SGX-Catalist debut
ZICO Holdings debuted on the SGX-Catalist board on Tuesday at S$0.46 and closed at S$0.515.
The closing price for the day was 21.5 cents or 71.7 per cent higher than the placement price of S$0.30 per share.
In total, an aggregate turnover of approximately S$10 million was recorded on Zico's debut, making it one of the most active stocks for the day.
Chew Seng Kok, managing director of Zico, an integrated provider of multidisciplinary professional services, commented on the strong debut: "Our successful debut on SGX heralds the next exciting phase of our growth, where we plan to enlarge our footprint in our key Asean markets. We are heartened that Zico's investment merits are recognised by the investment community, evidenced from the overwhelming response from institutional investors during our book-building exercise. Their strong support is a sign of confidence they have in our competitive edge and good growth prospects."
The placement attracted strong interest from institutional investors and the investing community. Investors such as FIL Investment Management (Hong Kong) Limited, Mohamed Azman bin Yahya, Nazir Razak, Chua Ma Yu and Andrew Grech (through family trust) have each subscribed for and have been allocated placement shares.
The net proceeds of approximately S$12.5 million raised from the placement after deducting the aggregated estimated cash expenses will be used to fund the expansion of business operations including potential acquisitions, capital expenditure on information technology infrastructure as well as for general working capital purposes.
PrimePartners Corporate Finance Pte Ltd is the sponsor, issue manager and placement agent for the listing of Zico.