The floatation of Grindrod Shipping got off to a slow start on Tuesday, with just 17 shares trading for R219 by 10.45am on its debut day on the JSE. There was a wide discrepancy between the prices traders were willing to buy and sell the new share for, whose JSE ticker is GSH. One bidder was offering R142.85, about two-thirds of the R219 asking price. At R219, Grindrod shareholders gained about 17% from the share splitting into a holding company of the shipping business and the remaining logistics and financial services businesses. The original Grindrod share, with ticker GND, was trading at R12.77 on June 12 when shareholders on the register got to receive one Grindrod Shipping share for every 40 Grindrod shares held. Grindrod’s share price tumbled 34% to R8.48 on June 13 after going "ex-distribution", but subsequently rebounded to trade at R9.44 on Tuesday. At R9.44 plus a fortieth of Grindrod Shipping share at R219, investors would have seen the amount per Grindrod share held a w...

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