Jumbo jumps 36% on Catalist debut

CRAB restaurant owner Jumbo Group was far from underwater at the stock's Catalist debut on Monday.

After opening at S$0.35, the stock rose to as high as S$0.395 intra-day and then lost steam to finish the day at S$0.34. The closing price was about 36 per cent higher than its initial public offering (IPO) price of S$0.25, and lifted its market capitalisation to around S$218.1 million.

Jumbo was also the most actively traded counter on the local bourse on Monday with 77.8 million shares changing hands.

The group launched its IPO in late October, offering 88.23 million shares to the public to raise S$22.1 million. It separately got another S$18.0 million from two cornerstone investors to raise about S$40 million in total.

The cornerstone investors were Heliconia, which is a unit of Singapore investment firm Temasek Holdings, and OSIM founder Ron Sim. Heliconia's chief executive officer Derek Lau said at the listing ceremony on Monday that its "mandate is to identify and support Singapore-headquartered companies to be globally competitive companies", according to a Bloomberg report.