PH Business Bank jumps at debut, first IPO this year
MANILA - Philippine Business Bank jumped 10.3 percent on its market debut on Tuesday after a $79 million initial public offering, the country's first new listing this year following record share sales in 2012.
The stock opened at P34.75, above its IPO price of P31.50 per share. The Philippines' main index was up 0.23 pct in early deals, a day after the broader market hit another record high.
Philippine Business Bank, servicing mainly small- and medium-sized enterprises, said it would use the IPO proceeds of P3.2 billion ($79 million) to increase lending and invest in securities.