KUALA LUMPUR: Shares of Lotte Chemical Titan Holding Bhd shed 1.85 per cent in the first two hours of its debut on Bursa Malaysia today.
The counter opened flat at RM6.50 with 3.6 million shares traded, before hitting a high of RM6.53 and a low of RM6.47 in the first five minutes of trading.
As at 10.58am, its shares were down 11 sen at RM6.39 in brisk trade, with 25.8 million shares traded.
Lotte Chemical Titan, the biggest listing since Felda Global Ventures Holdings Bhd and Astro Malaysia Holdings Bhd in 2012, was the second most-active stock during the two hours.
The company raised RM3.77 billion from its initial public offering (IPO).
Speaking after its listing ceremony, senior vice president of corporate planning Philip Kong said part of the proceeds will be used for business expansion in Indonesia and Malaysia.
Lotte Chemical Titan is banking on Southeast Asia for its products in the next three years.
"There is a strong growth demand here in Malaysia and Indonesia. We believe the market can absorb (the supply) of polyofelin products,” Kong said.