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Eindec makes Catalist debut, opens higher than IPO price
ENVIRONMENTAL and technological solutions provider Eindec Corporation Ltd made its Friday debut on the Catalist with its counter opening at S$0.235, higher than the initial public offering price (IPO) of S$0.21.
Before 10am, the stock was trading between S$0.23 and S$0.255. At 10am, it was S$0.24. More than 3.5 million shares changed hands, making it one of the most active stocks by volume.
Separately, the Singapore Exchange (SGX) on Friday welcomed Eindec to the Catalist.
Eindec has manufacturing facilities in Malaysia and Singapore and customers from the Asia-Pacific and Middle East regions. The company designs, manufactures and distributes a wide range of clean room and HVAC (heating, ventilation and air conditioning) equipment. Eindec is a spin-off from SGX mainboard-listed property developer Weiye Holdings.
Said Paul Chia, executive director and CEO of Eindec: "The IPO marks the beginning of a new chapter in Eindec's growth story which will see the group's diversification into the exciting air purifier market by leveraging on our expertise in clean room equipment. The IPO proceeds will be channelled towards funding our next phase of growth, where the new environmental and technological solutions products business unit will serve as its key driver."
The listing of Eindec brings the total number of companies on Catalist to 173, with a combined market capitalisation of S$10 billion.