Wednesday, February 17, 2010
Online gaming firm’s share price surges ahead of planned IPO
MANILA, Philippines—The share price of leading online gaming firm IP e-GAMES Ventures Inc. hit the roof on its listing debut at the Philippine Stock Exchange on Wednesday ahead of a targeted initial public offering (IPO) later this year.
In a press briefing after the listing ceremony, IP E-Games chief executive Enrique Gonzales said the listing by way of introduction - or without any IPO - had given the gaming publisher access to the capital markets and established a clear valuation of shares for future fund-raising.
IP e-Games - which started trading under the ticker "EG" - saw its share price surging by 50 percent, the maximum daily price increase allowed in the local stock market, to close at P75 per share from an opening price of P50 per share. Some 803 million worth of shares were traded worth about P60 million.
At its closing price, the company had a market capitalization of P1.67 billion. About 33.54 million IP e-Games shares were listed on the PSE's second board, a platform for companies with a "potential for superior growth" , an operating history of at least one year prior to its listing and a minimum capitalization of at least P250 million.
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