MANILA Feb 19 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
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)