KEL

PUBLISHED : Friday, 25 April, 1997, 12:00am
UPDATED : Friday, 25 April, 1997, 12:00am
 

Electrical and mechanical engineering company KEL jumped 23 per cent on its debut yesterday.


The counter ended at $1.23, compared with its offer price of $1, on trade of 74.69 million shares.


The share price surged 50 per cent immediately after the opening but soon dropped off to track between $1.23 and $1.33.


The initial offer of 100 million shares was 173 times subscribed.


KEL, spun off from engineering group UDL, is expected to report a profit of at least $52 million on turnover of about $399 million for the past fiscal year to March.


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