Amtek Engineering (M1P.SG) tanks on debut, last down 20.8% at $1.03 vs $1.30 IPO price, $0.985 in early trade (down 24.2%), making it one of worst performers for new listings this year.

“What amazed me is that they could get it placed out at such valuations. On top of that, it’s entirely vendor shares”, leaving company with none of $249.5 million net proceeds, says trader at local brokerage.

IPO only 1.4x subscribed, with price valuing Singapore-based maker of precision metal, plastic, rubber components at 4.1x P/B.