Shares of Thailand’s Sri Trang Agro-Industry (SRTA.SI), the world’s biggest rubber producer and exporter, opened below their issue price on their Singapore debut on Monday.

Around 9:00 a.m., Sri Trang was traded at $ 1.17, which is roughly equal to 28 baht . The shares opened at $1.15 or about 4.2% below the Singapore issue price.

Sri Trang, also listed in Bangkok (STA.BK), last week sold 280 million shares in its Singapore IPO at $1.20 each, raising $336 million in gross proceeds. The funds  will mainly be used to expand output, which could include acquisitions.

Sri Trang’s Singapore offer price was equivalent to about 29 baht, a sizable discount to its Friday closing price of 35 baht at Friday’s close.

“We expect the volume to be active as Sri Trang is one of the largest processors of natural rubber, which may attract the interest of some global funds and investors,” said Ng Kian Teck, an investment analyst at SIAS Research.

Ng said last week, before the crisis worsened in Egypt, that he expected Sri Trang’s shares to rise on their Singapore debut given the discount to Thailand and the undemanding price-earnings ratio of less than nine times forecast earnings.

JPMorgan was the sole global coordinator of the share offering, as well as the joint issue manager, bookrunner and underwriter together with CIMB and Standard Chartered.