Amtek Engineering (M1P.SG) may slip below $1.30 IPO price on SGX debut tomorrow given market’s recent lack of appetite for new listings, general subdued interest in companies seeking re-listing.

“This is a vendor sale. Unless there’s a compelling story, shares of companies coming back to the market after being taken private usually don’t do very well initially,” says dealer at bank-backed brokerage.

Singapore-based maker of precision metal, plastic, rubber components delisted in 2007 after being acquired by consortium comprising Metcomp Group, Standard Chartered Private Equity, Amtek management. 200 million vendor shares offered in IPO, priced at low end of $1.30-$1.60 indicative range.