iRemit stock price up 17.5% on first trading day

Repeating the GMA7 IPO performance on its first trading day, the stock price of money remittance firm iRemit Inc. bucked the trend and closed 17.5% higher at P5.50 while the Philippine bourse ended lower for the second straight day.

iRemit (I-Remit), with stock code "I", ended 82 centavos higher from its initial public offering (IPO) price of P4.68. It hit a high of P5.90.

The Philippine composite index, however, was down 55.18 points or 1.5% at a two-week low of 3,760.04. The broader all-share index fell 29.64 points or 1.2% to 2,364.69.

Decliners swamped gainers, 90 to 29, with 53 stocks unchanged.

iRemit is the largest Filipino-owned non-bank remittance company in the Philippines. The P658 million proceeds from the IPO is expected to be used to finance expansion in existing and new markets, augment working capital requirements, and retire some of the company’s short-term debts.

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