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Singapore Investment Bloggers

 WELLS 0271 WELLSPIRE HOLDINGS BERHAD debuts on ACE Market with 43.5% premium at 33 sen/share

KUALA LUMPUR: Wellspire Holdings Bhd made a strong debut on the ACE Market of Bursa Malaysia at 33 sen a share, representing a 10 sen or 43.5% premium over its initial public offering (IPO) price of 23 sen.

By 10am, the buying momentum on Wellspire had picked up speed, bringing the stock to 42 sen apiece, a 82.61% increase on the back of 154.47 million shares exchanging hands.

The Thailand-based snack food distributor's IPO comprised a public issue of 124.6 million new ordinary shares, of which 36 million shares were made available for application by the public while 10 million shares were set aside for eligible directors and employees of the group.

The remaining 78.6 million public issue shares were allocated by way of a private placement to selected investors.

Upon its listing, the company had a market capitalisation of RM163.79mil, based on its enlarged share capital of 712 million shares and issue price of 23 sen.

According to the group, of the RM328.66mil in proceeds from the IPO, about RM16mil will be used to acquire or build a warehouse and operational facility in Thailand, and RM5.95mil will go towards working capital.

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