Thursday, July 21, 2011

Bumi Armada, debut with a bang

Bumi Armada (ARMADA) is listed on Bursa for the first day today, 21st July 2011, with a starting price of 3.65.  Initially, the IPO was priced at 3.15 per share, but it was later adjusted to 3.03 for retailers.  The 0.12 difference will be refunded to their bank account for those who are successful in applying for the IPO.

It recorded over 3 million lots exchange hands on its first day of listing.  Similar to previous few big IPOs, including PChem, MSM & MHB, there is a huge interest in the share from various investors.  The stock price increased steadily throughout the day and closed at a record 4.14, a gain of 1.11 from the IPO price.  The highest price of the day is 4.15, only 0.01 higher than the closing price.

Tomorrow is the last trading day for the week.   Volume for Armada is expected to be strong and it is very likely that the stock price to continue on its uptrend.  I personally still holding on to my Armada shares and will post it as soon as I decided to lock in my profit.  Hooray to Armada !

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