Newly SGX Mainboard-listed Civmec Closes Higher in First-day Trading
by Jared Heng
Civmec Limited Friday listed on the Mainboard of the Singapore Exchange (SGX) under the stock code of “P9D”, closing higher than its IPO price at the end of first-day trading.
Civmec is an Australian-based integrated multi-disciplinary construction and heavy engineering services provider to the oil and gas, mining and other industries, such as the infrastructure, utilities, chemical and power sectors. The group provides heavy engineering and other services including fabrication, site civil works, pre-cast concrete and maintenance services.
At the end of first-day trading on Friday, Civmec closed at S$0.555, up from its IPO price of S$0.400.
Commenting on the listing, James Fitzgerald, Chairman of Civmec, said: “We are looking forward to the new opportunities that our listing will present to us and our shareholders in the future.”
Lawrence Wong, Head of Listings at SGX, noted the emerging trend of Australian businesses tapping into the investor base in Singapore.
“We welcome Civmec to the SGX family and our pool of Australian-based companies and funds which has now grown to 10 in number and with a total market capitalisation of S$6.3 billion,” Wong said.