KrisEnergy    Last:0.03   -

KrisEnergy

Still active after debuted.

 

Up+2.5.

Some sudden buying interest.

 

First trading day performment. Volume - 56,239,000 mil shr changed hands

KrisEnergy

M

Open-1.250

Cls-1.155

35,000

1.155

1.160

258,000

Hi-1.260

Lo-1.145

 

Balloting Result...

http://infopub.sgx.com/FileOpen/KrisEnergy-BallotingAnnouncement18Jul13.ashx?App=Announcement& FileID=248343

KrisEnergy-BallotingAnnouncement18Jul13.pdf

The Board of Directors of the Company (the “Board”) wishes to announce the following:
As at the close of the Singapore Public Offer at 12.00 noon on 17 July 2013, there were 6,319 valid applications for the 11,005,000 Offering Shares
available to the public for subscription (excluding the 8,900,000 Singapore Reserved Shares which have been validly applied for). In total, these
applicants applied for 251,528,000 Offering Shares. Based on the aforesaid, the Singapore Public Offer was approximately 22.9 times subscribed.
Based on the 142,993,000 Offering Shares under the Offering (excluding 9,000,000 Reserved Shares which have been validly applied for and
assuming the Over-allotment Option is not exercised), the valid applications received under the Singapore Public Offer as at the close of
the Singapore Public Offer and the aggregate indications of interest received under the International Offer as at the close of the book-building
exercise, the Offering is approximately 6.1 times subscribed.

 

Shares of oil and gas explorer KrisEnergy, backed by Keppel Corp and private equity firm First Reserve, rose above the initial public offering price in their trading debut on the Singapore Exchange.

The KrisEnergy stock advanced as much as 14.5% to $1.26 on Friday, versus its IPO price of $1.10, but gave up some of the gains to trade at S$1.165 at around 11 am . It was the top-traded stock by value in the Singapore market.

The company sold 151.99 million shares and an additional 94.16 million shares to cornerstone investors, raising gross proceeds of $270.8 million.

“It’s an oil exploration company. If they can strike oil then the share price will go up, but basically the nature of the business is highly risky,” said a trader.

“The fact that Keppel Corp bought a stake in the company is kind of a vote of confidence, but the pricing was at the top of the range,” he added.

 

$1.16 verses ipo $1.10 no meat..after comission n brokerage..mkt weak only dropped below ipo..soon..a lost making co

 

Next few days we will know the actual value

 

 

 

 

  The following is some comment found in internet by ShareInv :-

• Exploration is a high risk high reward game. The Company may not “hit” pay dirt after exploration and all the costs may go to waste.
• The Company will need all the cash it needs to develop the oil fields and will not be able to pay dividends for many years.
• The current NAV per share (adjusted for IPO proceeds and shares) is around $0.58 (versus the $1.10 share price). Are we paying too high a valuation for future “unknown” earnings?
• CEO is pretty advanced in age at 66 years old.
• First Reserve may want to cash out in the next few years and sell down its shares.

 

 

1.16 now