Perennial China Retail Trust, which owns shopping mall assets in China, closed at 61 cents on its debut in SGX yesterday – 12.86% below its IPO price.
In just a day, the stock lost $101 million in value (the initial investors’ money).
I’ve already hinted last week that investors should never buy IPO and DREAM to become rich overnight.
This year, three IPOs in Singapore prior to Perennial’s listing, namely, Hutchison Port Holdings Trust, Mapletree Commercial Trust and Chew’s Group have all dipped below their offer prices.
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