I bought the IPO @ 0.75 two months back and it slid more than 25% on its debut week. Being the one and only SPAC (special purpose acquisition company) in the region, skepticism is inevitable among the adverse risk investors. The company literally did not have any products but nevertheless, got listed and RM 235mil were raised through IPO.
Okay, I have to admit that I got no other choice but to keep my faith on this counter (I invested quite some amount of money on them :P). Slow and steady, Hibiscus were consolidated around 0.53-0.58 until last week. Finally, a breakthrough in their first acquisition with Lime Petroleum, an exploration company based in middle east. Since then, Hibiscus had seen a rise of more than 25% with heavy trading. (you may refer to http://biz.thestar.com.my/news/story.asp?file=/2011/10/27/business/9771654&sec=business or announcement on Bursa Malaysia @ http://www.bursamalaysia.com/website/bm/listed_companies/company_announcements/announcements/index.jsp)
I would say the prospect is there and Hibiscus is playing it smart by not speculating on the amount of oil reserve under the concession of Lime Petroleum Ltd.
Let's see. I believe it will fly. May lady luck smile on Hibiscus.
:) rogue trader
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