UnUsUaL opens at 45.5 S'pore cents, more than double IPO placement price

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SINGAPORE (April 10): Concert organiser and events promoter UnUsUaL made its trading debut on the Catalist board with a bang, opening at 45.5 Singapore cents, more than double its IPO placement price.

(See also: UnUsUaL, mm2 Asia spinoff, to raise $19.4 mil from IPO placement)

UnUsUaL, which is a spinoff unit of film and movie producer mm2 Asia, had offered 96.99 million placement shares at 20 Singapore cents each, or at 26.57 times FY15 earnings per share.

As at 10.31 am, the stock was trading at 44.5 Singapore cents with some 9.4 million shares traded.

The total number of issued shares immediately after the placement will be 643.2 million shares, giving the stock a market cap of S$293 million.

UnUsUaL plans to use the S$17.4 million in IPO net proceeds to invest in promotion and production projects, expand through acquisitions, joint ventures or "strategic alliances" and for working capital.

(See also: An entertainment group that dreams big, and goes for it)