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Johannesburg - Mass housing construction group Sea Kay (SKY) enjoyed its debut on the JSE on Thursday with shares opening at R1.75 - a 75% premium on the placing price.
Shares rose as much as R2.15 in early trade before pulling back to trade in a narrow range of between R1.90 and R1.95 just before midday.
At 11.48, the company's shares were trading at R1.91 rand, valuing the company at more than R900m. More than 27 million shares had changed hands at time, making the counter the most active on the exchange at the time.
"It's good stock with good prospects given the huge housing backlog in the country," one trader said.
Sea Kay operates as a mass housing construction business providing low cost affordable and bonded mass housing to a mix of clients that include the South African government, banks, mines, property development companies and private clients.
It also undertakes the building of schools and local clinics in the communities in which it operates.
The company raised R47.9m in private placing period. The cash
will be used for working capital, capital expenditure and acquisitions.
- I-Net Bridge