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Hot stock: NauticAWT opens 75% higher in Catalist debut

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The successful listing would give NauticAWT a platform for its long-term growth strategy, founder and chief executive officer John Gronbech said in a statement on Thursday.

OIL and gas engineering firm NauticAWT got off to a strong start in its Catalist debut on Thursday in spite of a weak oil price environment.

It opened at S$0.35, 75 per cent higher than its initial public offering (IPO) price of S$0.20.

The successful listing would give NauticAWT a platform for its long-term growth strategy, founder and chief executive officer John Gronbech said in a statement on Thursday.

The bourse now has 62 companies in the marine and offshore services sector with a market value of more than S$50 million.

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NauticAWT's IPO consisted of 28 million shares, with one million shares in the retail tranche and 27 million shares for placement.

The company had said at a briefing earlier this month that after listing, it intends to have dividend payouts of 20 per cent of its net profit for FY2015 to FY2017. It also said it would use part of its S$2.8 million in expected net IPO proceeds for capital expenditure to further strengthen its contracting services.

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