Nordic Grp: Likely to rise on debut according to traders, but gains may be brief as Co. coming to market after string of recent IPOs which seem to have soaked up appetite & liquidity. Recent smallish listings like Oxley, Mun Siong, Anchun, XinRen all at or below IPO price….
Co. sold 110m new shares at $0.20 each, with offer 5.6X subscribed, raising net $20m. Of interest to investors may be company's exposure to FX moves, especially weak USD. Nordic has no formal hedging policy, with 85% of revenue denominated in USD, 83% of expenses in SGD; so far has $51,000 forex loss in 2010.
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