The much awaited listing of HIAP HUAT got off from to a flying start with the share being the TOP GAINER and most actively traded in Bursa Malaysia today.
The waste recycling group's share opened at 32 sens or 12 sens above its IPO price of 20 sens, for a 60% impressive gain. The were 16 mil shares transacted at the start of the trade. This is a classic example of how an IPO should be. It looks good not just for the Group but for investors and the market as well. Such strong apetite is a reflection of confidence in the Group's business.
The counter traded at a high of 37 sens before the weak market sentiment weighs it down. It ended the day at 25 sens or 25 % above its IPO price with a total 195 mil shares traded. With such a high trading gap, investors who timed the purchase and sales right will rake in some good profit margin.
The strong start out of the gate no doubt bodes well for the company. The cash raised from the IPO issue will be used to boost up its growth and expansion plan for existing and to tap on new market opportunities overseas as indicated in the prospectus.