bin picking-DM Wenceslao shares fall in stock exchange debut
Happening now: D.M. Wenceslao and Associates, Incorporated IPO Listing Ceremony pic.twitter.com/VziHbywIWy
— Phil. Stock Exchange (@PhStockExchange) June 29, 2018
MANILA — Shares of DM Wenceslao fell on the construction firm's debut at the Philippine Stock Market on Friday.
The company hoped to raise P8.15 billion from the sale of 679 million shares at P12 each. The first initial public offering of the year was made after the main index fell into bear market territory.
DM Wenceslao shares were down nearly 9 percent to P10.92 in early trading. The PSE Index was up 0.4 percent to 7,094.86.
The company, which is building the Aseana City along Manila Bay, is a long term buy, Regina Capital head of sales Luis Limlingan told ANC.
By pricing its IPO at the low end, the company might not be able to maximize its proceeds, Limlingan said.
Earlier: D.M. Wenceslao and Associates, Incorporated IPO Listing Bell Ringing Ceremony pic.twitter.com/6DmpW6zNLl
— Phil. Stock Exchange (@PhStockExchange) June 29, 2018
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