Written by Miguel R. Camus / Reporter
IP e-Game Ventures Inc., the online gaming subsidiary of publicly held IPVG Corp., will officially join the stock market on Wednesday via introduction.
The move makes it the second company this year to take this alternative listing route.
“The listing date is on February 17,” said IPVG president Enrique Y. Gonzalez in a text message.
The company, which secured the Philippine Stock Exchange’s (PSE) approval on January 21, plans to list 33.54 million common shares on the second board carrying an indicative price of P50 each.
An introductory listing differs from an initial public offering in that it allows a private firm to list on the PSE without raising capital. This route also allows a company to trade its shares on the exchange, giving it much needed exposure to investors. Ayala-led Integrated Microelectronics Inc. also took the same listing route on January 21.
Gonzalez said IP e-Game remains committed to conducting a follow-on public offering within 12 months of the listing date, in accordance with the rules of provided under the Securities Regulation Code.
Upon listing, IP e-Game will be the first listed online multiplayer gaming firm the country. Shares of IPVG have risen significantly since it announced that its subsidiary received the PSE’s approval for a listing.
The company added 5.43 percent to end Friday’s session at P 1.94 each, while year-to-date gains amounted to over 25 percent. Read more...
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