SINGAPORE (July 30): Veteran entrepreneur Wong Ming Kwong, CEO of newly listed engineering firm DLF Holdings, is a picture of calm. But investors who subscribed to the company’s recently launched placement shares are unlikely to be feeling the same way at the moment. From an offer price of 23 cents, which values them at 8.3 times FY2017 earnings, shares in DLF fell nearly a third in its market debut on the Catalist, trading as low as 15.6 cents on July 25. It ended the day at 16.9 cents. On July 26, the second trading day, DLF shares ended at 18.3 cents, up 8.28%.

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