The stock price of Phoenix Semiconductor Philippines Corp. (PSPC) rose 8% yesterday during its first trading day after the Initial Public Offering (IPO), but retreated prior to the day’s close and ended at P3.15, exactly the same as its offer price.
Investors who bought the stock at its P3.15 offer price virtually made no gains during PSPC’s first trading yesterday, although more than P237 million worth of the stock were traded.
The semiconductor company’s stock opened at P3.40, also the day’s high, an 8% increase from its offer price.
However, the stock ended the day’s trading at a price of P3.15 per share.
PSPC is the latest company to list its shares in the Philippine Stock Exchange, following the Rustan’s Group’s SSI Inc. (SSI), Double Dragon Properties (DD) of Jollibee and Mang Insal founders, and Century Tuna makers Century Pacific Food Inc (CNPF) that all conducted an IPO earlier this year.
Phoenix Semiconductor Philippines Corp. is a manufacturer of memory chips, micro SD cards and other semiconductor products used in mobile phone. The company’s primary customer is Korean technology company Samsung Electronics.
Today, December 2, another company will list on the PSE, marking the debut of mobile content developer Xurpas Inc. (X). Xurpas raised more than P1.2 billion during its IPO, after issuing 344 million shares priced at P3.97 apiece.
We’ll post an update later today whether Xurpas will simply trail or surpass PSPC’s first trading day performance.
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