SINGAPORE - Malaysia-based Samurai 2K Aerosol made a strong trading debut on Monday morning (Jan 16) with its shares jumping 25 per cent when trading opened.
The share price of the Catalist-listed aerosol coating specialist opened at 25 Singapore cents, up from its initial public offering (IPO) price of 20 cents.
Its listing, the first for the Singapore Exchange this year, brings the total number of companies on the Catalist board to 186, with a combined market capitalisation of S$10 billion, SGX said on Monday.
Formed in 1997, Samurai 2K manufactures, distributes and markets its products under its own brands to customers in Southeast Asian markets including Malaysia, Indonesia, Thailand and the Philippines.
It specialises in high performance coating solutions for the automotive refinishing and refurbishing industry.
The company raised S$2.35 million in net proceeds after placing out 20 million shares.
At the completion of the placement, Samurai 2K's total issued share capital comprised 100 million shares with a market capitalisation of approximately S$20.0 million.