AV Concept Holdings

AV Concept Holdings, distributor of components for South Korea's Samsung Electronics, yesterday earned the questionable distinction of becoming the first initial public offering this year to lose money on its debut. Shares ended 1 cent down from their $1.10 issue price, after trading as high as $1.20.

Ben Kwong, research director at Dharmala Securities said: 'Taking into account the warrants attached, investors of the stock are not the losers.' Every five shares came with one warrant.

Other analysts said investors were cautious about the company as more than 98 per cent of net profit was derived from handling Samsung's electronic components.