Butterfield FB shares tumble below IPO price on ACE Market debut

Butterfield FB Bhd launched on the ACE Market at a price of 43 sen, falling short of its 48-sen IPO level. The stock then dropped to 41.5 sen before climbing back to 44.5 sen by 9.18 am, remaining beneath the issue price. Trading volume reached 24.23 million shares, making it the third most actively traded stock that day.

The company raised RM72 million by issuing 150 million new shares, valuing the firm at RM384 million based on its IPO price. Despite the weak start, the IPO attracted strong demand, with the public tranche oversubscribed by 18.67 times. Butterfield FB produces coffee and tea extract powders and has added a matcha powder line capable of 312 tonnes per year.