Sincap

Sincap: opens +55% at $0.31, vs $0.20 IPO price on debut, following support from recent strong investor appetite for IPOs in Singapore. Sincap is involved mainly in trading alumina and thermal coal as well as mining and selling gypsum in China. It offered 25.5 m new shares and 7 m vendor shares. The company expects net proceeds of ~$2.3m after expenses. Plans to use the funds for its K-gypsum powder project, including acquiring a plant and machinery, and general working capital.