WATER treatment company Memiontec : TWL 0%had a rough start as a listed company, launching its initial public offering (IPO) on the Singapore Exchange in February 2020 – just as the Covid-19 pandemic was unravelling.

In a recent interview with The Business Times, Memiontec’s chief executive Tay Kiat Seng recalled how the company had to cut its public float and settle for a lower price-to-earnings ratio because of poor market conditions and cautious investor sentiment. The group had also been hoping for a public float of 20 to 25 per cent, but was forced to trim this to 17 to 20 per cent.

Tay said the company “bit the bullet” and forged ahead with the listing anyway. But its problems did not end there, as the company’s order book and demand for its offerings were hit.