POSH shares stagnating since its mainboard listing

DESPITE being the year's biggest IPO offering in Singapore to date, PACC Offshore Services Holdings (POSH) has failed to excite investors and the stock has stagnated since its listing.

With an IPO price of $1.15 per share, POSH stocks started trading on the SGX mainboard on April 25. After more than a week of trading, the share price has stagnated, trading between $1.13 and $1.20.

It closed on Monday at $1.15, as it did on seven of the 10 days it has traded.

Australian financial institution Macquarie Warrants (Macquarie) last week listed call warrants on POSH expecting demand for the stock but has been "disappointed" with the stock's performance thus far.

"We listed (warrants on) POSH because it was the biggest IPO this year and so we were anticipating demand but since the date of listing, the warrant has just been quiet because there hasn't been much volatility in the underlying stock as well," Jamie Chung, senior manager with Macquarie Warrant…