IPVG Corp.'s online game subsidiary IP E-Game Ventures Inc. (IP E-Games) has listed in the Philippine Stock Exchange by way of introduction, making it the first online games company to list in the bourse.

The stock, which started trading under the symbol "EG" on Wednesday, closed at P75.00 per share, higher than its reference opening price of P50.00 apiece. 

"With our listed status, we are now positioned to access funds in the market and build up online games in the Philippines. We're extremely excited," said IP E-Games Chief Executive Officer Enrique Gonzalez.

Companies that list by way of introduction are mandated by the bourse to issue a public offering by 12 months after the listing date. Gonzalez said IP E-Games will likely follow through with its public offering by the third or fourth quarter of this year, with ATR Kim Eng as its financial adviser.

“Timing is everything. We'd like to do the public offering during very good market conditions to achieve the optimum price," he told reporters.

Gonzalez added the company has not yet decided how much capital it will source from the markets, and notes that in terms of funds, it still has a standing deal with emerging markets investor GEM Global Yield Fund Ltd. The agreement entitles IP E-Games to P500-million worth of credit from GEM in exchange for equivalent shares.

The online games firm plans to spend about P100-million this year for capital expenditures and roll out 5 new games including casual game Band Master, which Gonzalez says reaches a broader scope of gamers versus its Massively Multiplayer Online Role Playing Games (MMORPG).

"We want to go heavy into the music genre, it has a bigger market," he said.

IP E-Games currently has around 11 million registered users as 2009.  Of these, Gonzalez said active users, or those who play their games at least 2 to 3 times a month, have hit 3.5 million. Gonzalez said the firm is committed to cornering 80% of the total online games market, up from its current range of between 41 to 50%.

IP E-Games is one of the leading online games publishers in the Philippines.  Among its strongest games are RAN Online, Cabal Online, and Audition Dance Battle. The firm's closest competitor is Level-Up! Inc., the online games unit of PLDT subsidiary e-PLDT.