Lotte Chemical Titan shares flat on first day of trading

KUALA LUMPUR: Lotte Chemical Titan Holding Bhd made a tepid debut on the Main Market of Bursa Malaysia today, opening flat against its initial public offering (IPO) price of RM6.50 with some 3.67 million units changing hands.
At 10.25am, the shares fell 1.08% or seven sen, trading at RM6.43 with some 23.7 million shares transacted.
Asked on the share price performance, its senior vice president corporate planning Philip Kong said: "Having a good share price performance is good, but it is a question of the demand and supply.
"As far as the (IPO) price is concerned, we lower the price range, so that we can get (more) strategic domestic and international investors.
"Hopefully we'll have a better after-market performance," he added.
With the reduction in its IPO size by 21.7% to 580 million shares as well as a cut in the offer price from RM8 to RM6.50 per share prior to the date of listing, the group raised RM3.77 billion to drive its expansion plans in the Asean region.