TACK Hsin Holdings, the hotpot restaurant chain, gave its shareholders a tasty profit of 64.1 per cent on its first day of trade.
But the figure will have been cut substantially for those who borrowed cash to make a short-term gain.
The shares opened at $2.10 but slid all day, ending at $1.51, and the one-for-five bonus warrants closed at 82 cents, giving a package price of $1.674 per share. This compares to an issue price of $1.02 a share.
Chun Wo Holdings, a construction company, also gave its shareholders a first-day profit, at a much more modest level of 13.8 per cent.
For Tack Hsin, the record oversubscription level of 552.2 times will have slashed the profit for those intent on selling the shares on the first day, known as stags.
One stag said that their interest costs and arrangement fees had worked out at 50 cents a share because of the massive oversubscription.