Shopper360 rises above IPO price on debut day

Singapore

THE counter of Malaysia-based Shopper360 Limited rose above its initial public offering (IPO) price of S$0.290 on Friday morning during its initial hours of trading, hitting as high as S$0.35 per share at one point.

The firm had placed 38 million shares for its IPO on Wednesday for an eventual listing on the Catalist board of the Singapore Exchange. The shopper marketing services provider said the shares include 18 million new shares and 20 million vendor shares. The IPO is expected to raise gross proceeds of S$11 million, or about 33.2 per cent of the company's post-placement share capital. Upon completion of the IPO, Shopper360's market capitalisation will be about S$33.2 million.