Shares of Mapletree Industrial Trust <MAPI.SI>, which owns factories and other industrial properties in Singapore, fell as much as 4.3% on Friday due to profit-taking after a strong debut the previous day.

At 10:50 a.m., Mapletree shares were trading at $1.12 on a volume of 58.8 million shares.

“It’s profit-taking because it’s gone up too much. The IPO price was $0.93 and it went up by more than 20% on the first day of trading, so for a single day it could be too high,” said a local trader.

Mapletree surged as much as 29% above its IPO price to hit $1.20 on Thursday as investors were drawn by its high dividend yield amid rock-bottom interest rates.