Singapore, July 13 - Shares of China Angel Food, a China-based confectionery manufacturer, started trade at S$0.80 on Friday, more than double their issue price of S$0.35.
The initial public offering, which comprised 80 million new shares and 23.8 million vendor shares, was about 14.3 times subscribed, the company said in a statement on Thursday. China Angel, which would have a stock market value of S$112 million ($74 million) based on the issue price, raised S$28 million in the share offer. Proceeds will be used to expand production capacity.
Kim Eng Capital was the manager, underwriter and placement agent for the IPO, while UOB Kay Hian was the sub-placement agent.