UOB has bought another 3.6 million shares of newly listed Aztech Global in a “stabilising action” at a price range of $1.23 to $1.28 as the company closed at $1.24 on its third day of trading on March 16.
This follows a similar move on March 15, when UOB bought 10 million shares at $1.28.
See more: UOB buys 10 mil Aztech shares as part of stabilisation mandate
Aztech Global opened at $1.28 on March 16, before closing at its current price of $1.24.
UOB, as stabilising manager for the IPO of Aztech Global, was allotted 13.6 million shares to stabilise the stock under its mandate.
Following the purchase, UOB announced the cessation of its stabilising support, and added that “as the total number of shares which had been over-allotted in connection with the IPO has been fully covered by the purchases made under the price stabilising action, the over-allotment option… will not be exercised.”
Aztech Global was listed on March 12 at $1.28, following a hot IPO in which it saw its placement offer 16.4 times subscribed and public offer 18.4 times subscribed, giving the company a market value of $990.4 million on listing.
A check on the charts revealed that the stock opened at $1.389 on the first day of trading, before hitting a high of $1.42. The price, however, slipped throughout the day and closed at $1.29, one cent above its IPO price on March 12.
The IPO on March 12 also marked Aztech’s return to the SGX, albeit in a different form from its previous listing.
Aztech initially debuted on the SGX in 1994 as Aztech Group, before being delisted in 2017, with founder Michael Mun offering 42 cents per share to shareholders in the delisting offer.
See more: Aztech's Mun ditches roast duck and stays focused on electronics core
