Philippine Business Bank jumps at debut, first IPO this year
MANILA Feb 19 (Reuters) - Philippine Business Bank jumped 10.3 percent on its market debut on Tuesday after a $79 million initial public offering, the country's first new listing this year following record share sales in 2012.
The stock opened at 34.75 pesos, above its IPO price of 31.50 pesos per share. The Philippines' main index was up 0.23 pct in early deals, a day after the broader market hit another record high.
Philippine Business Bank, servicing mainly small- and medium-sized enterprises, said it would use the IPO proceeds of 3.2 billion pesos ($79 million) to increase lending and invest in securities.
For a previous story on the bank's IPO, click on
($1 = 40.6 Philippine pesos) (Reporting by Erik dela Cruz; Editing by Rosemarie Francisco and Richard Pullin)