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ANOTHER day, another wobbly initial public offering in a bearish market that is proving hard going for new listings and nerve-wracking for investors.
The latest hopeful to chance its arm was local tannery Heng Long International, which hit the market with an IPO price of 34 cents yesterday.
Like many others this year, it tanked on the opening bell, falling 12 per cent to 30 cents before plunging minutes later to a low of 27 cents.
It then began to defy recent trends and mounted a steady rise throughout the day. The stock hit a high of 35.5 cents before closing 1 cent above its IPO price, helped perhaps by a robust effort by the Straits Times Index.
Read the full story in Thursday's edition of The Straits Times
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