Western Australian companies APAC Coal Ltd and Kilgore Oil & Gas Ltd have succumbed to the overall market downturn today, debuting underwater on the Australian Securities Exchange.
Shares in West Perth-based APAC Coal opened 15 per cent below it 20c issue price at 17c before dropping to an intraday low of 13c and then rallying to close at 16.5c.
APAC's initial public offer of 35.73 million shares at 20 cents each closed last week after reaching the minimum subscription level.
The company aims to develop its flagship thermal coal mine in Indonesia.
On the board are chairman Paul Piercy, managing director Koh Teng Klat and non-exeucitve directors Sam di Giacomo, Maurice Drew and Shyun Kon.
Meanwhile shares in Kilgore opened at 18c before climbing to a high of 21c and then closing at 19c.
The company raised the minimum $7.5 million in its initial public offer through the issue of 37.5 million shares priced at 20c each.
The company holds a suite of oil and gas assets in the United States
On Kilgore's board is chairman Gordon Sklenka, directors Brian Ayers and Anthony Short while Lance Carnacho is company secretary.
