Butterfield FB Bhd made a weak debut on the ACE Market of Bursa Malaysia Securities, opening at RM0.43, down 10.42% from its initial public offering (IPO) price of RM0.48.
The stock, traded under the code 0470, recorded a last done price of RM0.43 as at 9:01am, with 10.43 million shares changing hands.
Butterfield FB’s last done price was RM0.05 below its IPO price, while its low for the session stood at RM0.415. The counter reached an early high of RM0.44.
The company had priced its IPO at RM0.48 per share, raising RM72 million through the public issuance of 150 million new ordinary shares.
Butterfield FB manufactures coffee extract powder blends and tea extract powder blends, alongside the sale and trading of food ingredients and instant beverage premixes.
The IPO was oversubscribed by 18.7 times, with 12,670 applications received for 786.67 million shares valued at approximately RM377.6 million for the 40 million shares allocated to the Malaysian public.
Upon listing, the company had an enlarged share capital of 800 million shares and an indicative market capitalisation of RM384 million based on the IPO price.
