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.