IPO update: PBB stock rises 15.4% on first trading day

The first initial public offering (IPO) the year yielded a one-day gain of 15.40% for those who bought the Philippine Business Bank (PBB) stock during its offer period.

Yesterday, February 19, marked the first day of listing and trading on the Philippine Stock Exchange of Philippine Business Bank, a thrift bank owned by the family of former Ambassador Alfredo M. Yao, also the owners of budget airline Zest Air and fruit juice drink Zest-O.

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Philippine Business Bank (PBB) to IPO in 2012 or 2013

The Philippine Business Bank, a savings bank under the conglomerate of the Zest-O group, is planning to issue shares in an initial public offering (IPO) by the end of 2012 or by the first quarter of 2013.

Last week, the bank filed its application with the Securities and Exchange Commission in a bid to become one of the major players in the local banking industry.

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