THE market hasn't been very kind to stocks so far this year, not even to the newly-listed ones. A case in point is BP Plastics Holding Bhd, whose share price has dropped below its initial public offer (IPO) price of RM1.20. The counter closed unchanged at 96 sen yesterday.
When the company made its IPO in February, the six million shares offered to the public were over-subscribed by 25 times. Few investors could get the shares then. Now, they can buy a lot more, and at a cheaper price. Yet at these price levels, there are few takers.
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