MANILA - A top official of the local bourse expressed optimism that more firms would launch an initial public offering (IPO) in the coming months, following the example of Filipino software developer Ripple E-Business International Inc.

"I'm hoping it's the start of an IPO trend in the Philippines on the back of the widely perceived economic recovery," Philippine Stock Exchange (PSE) President and Chief Executive Officer Francis Lim said.

Ripple E-Business successfully debuted in the PSE on Thursday, the first firm to hold its IPO this year. The company offered 4.57 million new shares to the public, representing 29.41% of E-Ripple's issued and outstanding capital stock.

Share prices of Ripple E-Business hit a high of P5 before closing at P4.50 apiece, still above its IPO price of P4.35. A total of 91,000 shares were traded for the day.

Ripple E-Business has developed a retail sales and inventory solution called Barter MMS to retail and distribution companies in the country. Among the company's major shareholders are Victor Javier, Hubert Dy, Wilson Tieng, William Yao, Edward Lee, Annie Chew, and Maurice Locsin.

While it is the first company to conduct an IPO this year, Ripple E-Business is the second firm to be listed in the PSE after AgriNurture Inc.