Singapore Construction Firm’s Swings Stand Out Among Tiny IPOs
- Multi Ways surged as much as 553% in debut before spiraling
- Firm raises $15 million in trend of very small firm IPOs
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In a lackluster start to the year for equity capital markets, the initial surge in a small supplier of construction equipment from Singapore is striking.
Multi Ways Holdings Ltd. soared in its first day as a public company on the NYSE American exchange on April 3, making it one of the top performing stocks to debut amid the dearth of deals so far in 2023. The 18 other firms based in the Asia-Pacific region to list in the US this year are on average trading below their offering prices following muted debuts.