JB Foods

JB Foods: Capitalizing on a market sweet-tooth, JB Foods climbs 20% to $0.36 from its $0.30 IPO price; the top-volume play with more than 22% of shares changing hands, is bucking a broader market downdraft and a 1.4% decline in cocoa-ingredient peer Petra . JB Foods' offering was about 5.1X subscribed; it offered 84 m new shares and 16 m vendor shares. The co plans to use the $23.0m proceeds to repay bank borrowings, general working capital and to find acquisitions, JVs or strategic alliances when opportunities arise. Notes it has call options to acquire an interest in PT Jebe Koko, an Indonesian cocoa-liquor processor, and JB Kakao GMBH, a German cocoa-butter melter. Orderbook quotes suggest the $0.42 intraday high won't be retested. Buy orders clustered at $0.35 tip support.