UOA Development slumps to lowest since IPO

by **hlk** Wed 06 Jul 2011, 17:36

KUALA LUMPUR: Shares of UOA Development Bhd fell to the lowest since the initial public offer, slumping to RM2.08 in late afternoon on Wednesday, July 6.

At 4.16pm, it was down 11 sen to RM2.08 with 3.32 million shares done.

The FBM KLCI was up 5.43 points to 1,587.28. Turnover was 918.23 million shares done valued at RM1.62 billion. There were 385 gainers, 338 losers and 329 stocks unchanged.

UOA Development was listed on June 8 and ended the first day at RM2.59.

The institutional price was fixed at RM2.60 and the final retail price at RM2.52 after the bookbuilding exercise. The indicative retail price was RM2.90.

The listing exercise of UOA Development included an offer for sale of up to 407 million existing shares of 50 sen each.

RHB Research Institute had valued UOA Development at RM3.45, at its RNAV per share and in line with its valuations on IJM Land Bhd.