Hot stock: Union Gas debuts above IPO price

UNION Gas, which launched its initial public offering (IPO) on July 13, opened at S$0.295 on Friday, slightly above its IPO price of S$0.25.

The bottled gas supplier and compressed natural gas provider starting trading on the Catalist board on the Singapore Exchange on Friday. Its IPO was 7.1 times subscribed, with applications (excluding director-related purchases) of 424.3 million shares for the 60 million shares on offer at S$0.25 each.

About 58.72 million shares were placed out, with approximately 1.28 million shares being made available to the public.

On Thursday, Singapore-listed TT International announced plans to convene a meeting with its scheme creditors on July 31 to seek extensions of certain debt payments.

The consumer electronics retailer company is still being restructured under a scheme of arrangement since April 2010. It is also seeking the go-ahead for various sales, including a stake in TTA Holdings to Jingyi Group Co Ltd for A$1 million (S$1 million).