Unusual more than doubles IPO price in trading debut

Catalist-listed mm2 Asia opened at 45.5 Singapore cents and was trading at 44.5 cents at 9:30am, with some 9.35 million shares trading hands.
Catalist-listed mm2 Asia opened at 45.5 Singapore cents and was trading at 44.5 cents at 9:30am, with some 9.35 million shares trading hands.ST PHOTO: KUA CHEE SIONG

SINGAPORE - Catalist debutant Unusual got off to a roaring start on Monday (April 10) morning.

The events production unit of Catalist-listed mm2 Asia opened at 45.5 Singapore cents and was trading at 44.5 cents at 9:30am, with some 9.35 million shares trading hands. Unusual placed 97 million shares at 20 cents apiece.

It plans to use the estimated S$17.4 million net proceeds from its initial public offering to invest in promotion and production projects, to expand via acquisitions, joint ventures or "strategic alliances" and for working capital.

Unusual Productions, 51 per cent owned by film and TV/online content producer mm2, has overseen more than 150 large-scale live concerts and 200 events to date, and said it plans to double its existing 12-15 shows a year in Singapore as it enters other markets like Malaysia, Hong Kong and second-tier Chinese cities.

Apart from geographical expansion, Unusual is also keen to target downstream services such as ticketing platforms and venue management.

SGX's head of equity capital market Mohamed Nasser Ismail said on Monday Unusual's listing will provide investors an opportunity to invest in the region's growing entertainment and lifestyle industry.

With its listing, the Catalist now has 191 firms in total, with a combined market capitalisation of over S$12 billion, he said in a statement.