Southern Alliance Mining ends 8% up on trading debut

Singapore

MALAYSIA-BASED iron-ore producer Southern Alliance Mining (SAM) on Friday ended its first day of trading on the Catalist board at S$0.27, 8 per cent above its initial public offering (IPO) price of S$0.25. From the start of trading at 9am till market close, the units traded within a narrow band of S$0.26 to S$0.27. Around 4.2 million shares changed hands.

The stock opened at S$0.26, up S$0.01 or 4 per cent from its IPO price. Its share price rose to 26.5 Singapore cents with 3.1 million shares traded just after 11am, and managed to sustain its intra-day high of S$0.27 till the end of trading.