Anchor Resources plunges in debut trading

Singapore

ANCHOR Resources found itself caught in a downward spiral on Friday when it made its debut trading on Catalist. The stock kicked off trading at 18.2 Singapore cents, 27.2 per cent below its initial public offering (IPO) price of 25 cents. The plunge saw it fall as low as 14.4 cents before closing at 14.6 cents, down 41.6 per cent from the issue price. The intra-day high was 19.9 cents.

More than 55 million shares changed hands, making it the sixth most actively traded for the day. Anchor Resources' IPO of 28.8 million placement shares, which it launched on March 9, was fully subscribed.