SINGAPORE - Malaysian sustainable timber company Jawala Inc made its trading debut on the Catalist board of the Singapore Exchange at 2pm on Friday (June 1), opening at 26.5 Singapore cents.
The company's share price remained flat as at 2.40pm, with about 2.8 million shares changing hands.
Jawala's initial public offering closed with its public offer tranche subscribed 18.5 times - the 400,000 shares offered for public subscription at 25 Singapore cents apiece drew valid applications for 7.4 million shares.
Its placement tranche, which comprised 17.6 million shares at the same price, was fully allotted.
Incorporated in August 2017, Jawala holds a 100-year licence agreement to manage a 11,043 hectare plantation in Sabah's Sapulut Forest Reserve. It harvests and supplies timber from salvage logging to produce sawn timber, veneers and plywood.
UOB Kay Hian is Jawala's listing sponsor and the manager of the deal.
With a market capitalisation of about S$30 million, the listing of Jawala Inc brings the total number of companies listed on Catalist to 206, with a combined market capitalisation of about S$12 billion.