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UOA Development makes lacklustre debut

KUALA LUMPUR: UOA Development Bhd made a lacklustre debut on the Main Market of Bursa Malaysia on Wednesday, June 8, closing one sen lower at RM2.59 with 78 million shares done.

It had earlier fallen to its intra-day low of RM2.48.

The institutional price was RM2.60, and the final retail price at RM2.52 after the book-building exercise.

At the close, the FBM KLCI was up 1.03 points to 1,552.92. Turnover was 603.87 million shares valued at RM957.06 million. There were 327 gainers, 316 losers and 315 stocks unchanged.

Based on its institutional strike price of RM2.60, it has a market capitalisation of RM3.10 billion.

The initial public offering (IPO) was the largest IPO in Southeast Asia in this year to date, and has raised RM876.2 million from local and international institutional investors and RM176.4 million from retail investors.

The retail offering was oversubscribed by 3.40 times and was priced at RM2.52, a 3.00% discount to the institutional price.

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