WORLD Class Global (WCG), a real estate developer whose counter debuted on Catalist on Thursday, was the most active stock on the Singapore Exchange (SGX) on Thursday morning, over five million shares having changed hands just after market opening.
WCG, which specialises in residential and mixed-use projects in Australia and Malaysia, opened for trading at S$0.27, one Singapore cent above its issue price of S$0.26. Throughout the day, it traded between S$0.27 and S$0.28, remaining one of the most actively-traded stocks on SGX.
At market close, WCG finished at S$0.275, with about 18.5 million shares traded.
Prior to WCG's listing, net proceeds of about S$21.9 million have been raised from invitation shares, nearly four million of which were made available for subscription until Tuesday. The invitation shares were 2.1 times subscribed at their closing, said the property developer.
Ng Sheng Tiong, executive director and chief executive officer of WCG, said: "The IPO (initial public offering) will be a landmark step for WCG as we seek to develop our sizeable land bank in Australia and Malaysia to their fullest potential in the next phase of our journey."
WCG has launched three property development projects in Australia. Its first project, Australia 108, was the tallest building in Melbourne and tallest residence in the Southern Hemisphere when it was launched in November 2014.
The group also owns 28 properties in Penang, Malaysia, and has plans to develop acquired land in Malaysia. In some cases, WCG will refurbish existing buildings on the sites into commercial or residential premises.
WCG's listing brings the total number of companies listed on Catalist to 194, with a combined market capitalisation of more than S$12 billion; and the number of real estate entities listed on SGX to 100, with combined market capitalisation of about S$190 billion.
Zico Capital is the sponsor and issue manager for WCG's IPO and will be its continuing sponsor following the listing on Catalist. This marks Zico's first IPO since its accreditation as a Catalist full sponsor in August 2016.
UOB Kay Hian is the underwriter and placement agent for the invitation, and OCBC is the sub-placement agent.