Will there be trouble down under for World Class Global?

SINGAPORE (June 30): Shares in World Class Global (WCG) were sold at 26 cents each at its recent IPO – more than twice the company’s net asset value (NAV) of 11.4 cents a share.  

Interestingly, while the company has three property projects in Australia underway, it has not posted any revenue for the last three financial years. For FY2016, it reported a loss of $6.3 million.

Still, the stock climbed as much as 7.7% above its IPO price when trading began on June 15. On Thursday, it closed at 26 cents.

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