Serrano IPO-ed in Oct 2014 @ 23 cents. Now trading @ 8.5 cents after going down as low as 6 cents.
Why? First, see the uptrend in net profit:
Yr 2011: $0.553M
Yr 2012: $1.143M
Yr 2014: $3.211M
Trend pointing northward before IPO. After IPO.....kaput. Reported Full Yr 2014 profit of just $1.3M. But note that IPO expenses ate up $1.4 M of the profit, so Serrano didn't do badly in 2014.
In 1H 2015, the full impact of being a listco was felt. The higher headcount, the higher directors' fees & remuneration, etc. So 1H15 got only S$300K profit, compard to $800K in 1h2014. It's surprising they called for a rights issue recently. Need to raise more $ from shareholders. Sigh
