Thursday, January 6, 2011

Maxwell opens higher

KUALA LUMPUR: Shares of Maxwell International Holdings Bhd were traded higher on its debut on Bursa Malaysia on Thursday, Jan 6.

At 9am, the share price of the China-based sports footwear manufacturer was up two sen to 56 sen with 4.44 million shares done.

InterPacific Research valued Maxwell International at 54 sen based on an average peer PER of 3.0 times and EPS of 18.1 sen FY11.

Maxwell's offer of 20 million new shares was undersubscribed, with applications for 18.015 million shares.

The IPO consisted of a public issue of 63.75 million new 40 sen shares at an offer price of 54 sen each.

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