Hot stock: United Global debuts above IPO price in light trade

UNITED Global, a Singapore-based independent lubricant manufacturer and trader, made its debut on Catalist on Friday, trading higher than its initial public offering (IPO) price.

It opened at S$0.280, before easing to S$0.27 a share at 09.27am. It hit a high of S$0.285 and a low of S$ 0.260, before closing at S$0.275. More than 16.4 million shares changed hands.

The company had placed out 42.8 million new shares at S$0.25 each in its IPO. The S$9.20 million in net proceeds from the IPO will be used for business expansion and general working capital.