THE first local film producer and distributor to be listed on the Singapore Exchange, mm2 Asia, was trading below water on its debut today.
The Singapore-headquartered company was trading at 21 cents at about noon on the Catalist board of the Singapore Exchange.
That was four cents lower than its initial public offering price of 25 cents, although it had opened the trading day at 27.5 cents - 10 per cent above its offer price.
mm2 Asia is a producer of movies, and television and online content, and also a distributor of movies.
It has a presence in mainland China, Hong Kong, Malaysia and Taiwan. Movies which mm2 either co-produced and/or distributed include Ah Boys To Men I and II, and The Journey.
In its IPO, mm2 Asia offered 37.4 million shares at 25 cents a share.
Proceeds raised by mm2 Asia from the offer will be used to expand its business, invest in production activities and acquire movie rights.