Civmec shares open 48% above IPO price in Singapore

Shares of Australian construction and engineering firm Civmec rose 48% to $0.59 on their market debut in Singapore on Friday.

More than 20 million Civmec shares were traded in the first 10 minutes and the shares were among the top five traded stocks by both value and volume in the market.

Over the past few weeks, some Singapore IPOs have fared well on their trading debut, encouraged by a firm market.

The company sold 101 million shares, 51 million of which were new shares, at $0.40 each. Civmec provides construction and heavy engineering services to the oil and gas, mining and other sectors.