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Hot stock: Catalist debutant Acromec jumps by more than 20%
SHARES of local cleanroom specialist Acromec Ltd jumped by more than 20 per cent on their first day of trading on the Catalist board.
The stock opened at 25 Singapore cents and at 10.50am, it was trading at 28 Singapore cents, up 25 per cent from its initial public offering (IPO) price of 22 Singapore cents. The counter closed at 26 Singapore cents, with some 20.4 million shares changing hands.
"Our listing on the Catalist is timely, planned at a time when we were forging ahead with strategies to scale up our operations in Singapore and also expand our horizons into the emerging ASEAN region," said Acromec executive chairman and managing director Lim Say Chin.
Acromec is primarily engaged in design and construction of facilities requiring controlled environments such as laboratories, medical and sterile facilities and cleanrooms. Serving mainly the healthcare, biomedical, research and academia and electronics sectors, it counts Singapore General Hospital, Agency for Science, Technology and Research, National University of Singapore, Procter & Gamble, and Johnson Matthey Singapore among its clients.
The group had offered 27 million new shares at 22 Singapore cents each for the IPO, raising net proceeds of about S$4.5 million to be used as working capital to expand its business operations through securing more and larger projects, acquisitions or joint ventures, and ventures into overseas markets.
Mohamed Nasser Ismail, Singapore Exchange's (SGX) head of equity capital market and head of capital market development, noted that Acromec is the first company to have benefited from SGX's collaboration with Spring Singapore to strengthen the financial management capabilities of small and medium enterprises through Spring's Capability Development Grant.
The listing of Acromec brings the total number of companies on Catalist to 178 with a combined market capitalisation of S$9 billion.