Wasco Greenergy tumbles 12% in disappointing debut
Renewable-energy company Wasco Greenergy Bhd made a disappointing debut on Bursa Malaysia’s Main Market today, closing 12% below its initial public offering (IPO) price.
It opened at 95 sen – a 5% discount to its IPO price of RM1 – and things went downhill from then on.
The subsidiary of oil and gas services provider Wasco Bhd ended the day 12 sen lower at 88 sen, giving it a market capitalisation of RM440 million. A total of 24 million shares changed hands.
The poor investor reception to the listing is in stark contrast to earlier strong demand from the Malaysian public for the IPO shares, with the retail portion oversubscribed by 12.11 times.
The IPO which comprised 150 million shares – a public issue of 75 million new shares and offer for sale of 75 million existing shares – raised RM150 million. Of this, RM75 million will go directly…
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