The Singapore bourse yesterday saw its first trading debut of the year, with Resources Global Development (RGD) opening on Catalist at 21 cents.
The opening price is 5 per cent above the initial public offering (IPO) price of 20 cents. The counter closed at 22 cents.
The Indonesian coal trading and shipping company had issued 15 million placement shares to raise gross proceeds of some $3 million and net proceeds of around $1.6 million.
Net proceeds from the IPO will be used for general working capital purposes, said the company’s final offer document lodged on Jan 14.
RGD chief executive Francis Lee said: “We will tap our listing status to further augment our operations and footprint as we chart new growth.”
The firm plans to expand its customer base and grow its range of sectors and geographical coverage, said chief financial officer Thomas Yeo. Listing on the Singapore Exchange (SGX) marks “the start of a strategic journey” for RGD, Mr Yeo added.
RGD has a market capitalisation of about $18 million.
With its listing, the total number of commodities companies on the Singapore bourse is now 32, with a combined market cap of around $42.5 billion, SGX said yesterday.
On Catalist, there are 217 companies listed, with a total market cap of about $9 billion.
THE BUSINESS TIMES