Neo Group

Neo Group: Bucking the market downdraft, the stock is up 56.7% at $0.47 from its $0.30 IPO price, becoming the second recent home-grown Singapore company to post a strong trading-debut pop. Recent debutante Maxi-Cash, a local pawnshop operator with most locations in the city-state's heartlands, closed 30% above its IPO price on its June 22 debut; its now up nearly 50% from its IPO price. Neo's debut may be benefiting from its local flavor; the events caterer is also a likely beneficiary of Singapore's efforts to draw more regional conventions and events as well as strong tourism growth. Potential dividends are another lure, with Neo planning an at least 60% payout rate for FY13-15. Neo's directors, who currently hold about 82% of the enlarged share capital, have agreed to refrain from selling their shares for at least a year. Volume is around 10.6 million shares, compared with 22 million new shares sold.