The Stock Exchange of Thailand (SET) has warned investors to carefully study available information before trading TBN Corporation shares, which debuted on the Market for Alternative Investment (MAI) on Monday.
The SET reported "high speculation and a trading turnover ratio of 85%" for TBN shares during Tuesday's morning session.
The stock reached 41.50 baht by midday, an increase of 144% from the initial public offering (IPO) price of 17 baht, with a trading value of 3.59 billion baht.
Listed under the technology group, TBN rose 150% on its Monday debut to close at 42.50 baht, with a trading value of 2.6 billion baht.
In a statement, the SET indicated there were seven "big lot" sell orders from existing shareholders with a combined amount of 9.5 million shares at a price of 20.75 baht each.
The SET recommended investors think carefully before making a decision to trade TBN.
In addition, all brokers have been requested to closely supervise trading and transactions related to TBN securities to prevent sending of trade orders that may be inappropriate, according to the Securities and Exchange Act, said the SET.
TBN provides integrated digital design and development services with total assets of 320 million baht and total liabilities of 218 million, as of March this year.
The company offers consultation on digital transformation and develops customised solutions with Mendix's low-code development platform, offering software that enables applications in digital solutions.
The first licensed reseller of Siemens' Mendix software in Thailand, TBN has paid-up capital after the IPO of 50 million baht, with a par value of 0.50 baht.
The IPO shares are comprised of 75 million existing ordinary shares and 25 million newly issued ordinary shares.
Shares of TBN closed on the MAI on Tuesday at 29.50 baht, down 30.6%, in trade worth 4.39 billion baht.