Shares of Union Gas Holdings rose as much as 18 upon listing on Friday.
Fuel products provider shares opened at S$0.295 compared to their offer price of S$0.25, data from the Singapore Stock Exchange showed.
Its IPO was subscribed 7.1 times. Union Gas will use net proceeds of S$5.72 million to acquire dealers for the retail liquefied petroleum (LNG) gas business.
Union Gas is a major supplier of bottled LPG cylinders for domestic use in the city-state and serves over 140,000 households.