Just one month ago, TheEdge wrote an article “IPOs have ‘0’ friends right now”, quoting the keenly-anticipated initial public offering of Formula One had been shelved and London-based jeweller Graff Diamond pulled its Hong Kong US$1 billion IPO 24 hours before it was expected to be priced.
In Singapore, the IPO fever is just getting hotter. Food catering group Neo Group jumped 55% from its IPO price $0.30 to $0.465 on its first day of debut. Maxi-Cash, which was listed end of last month, is also trading more than 40% above its IPO price now.
The mega dual listing of Asia’s largest health- care operator IHH Healthcare has been over-subscribed by a whopping 100 times!
People just have short memories. It seems everybody has forgotten how disastrous the very recent Facebook IPO was and how poorly many other IPOs in Singapore have performed in the past.
Well, the musical chair game has begun.