IP E-Game gets listed in PSE, share price jumps 50% on first day
Online gaming publisher IP E-Game Ventures Inc. (IP E-Games) held its listing ceremony last February at the Philippine Stock Exchange, Inc. (PSE) Wednesday. The PSE approved an initial introduction of 33,545,554 common shares under the Second Board of the PSE, last Feb. 1, 2010.
On its first day of trading, share prices o IP E-Game stocks rose by as much as 50%, closing at P75 from its initial indicative price of P50.
Listing by way of introduction allowed IP E-Games to get listed on the PSE without going through initial public offering (IPO). However, they are required under the law, to conduct an IPO within 12 months from its listing date.
Chief Executive Officer Enrique Gonzales believes that the listing will benefit the company a lot. For one, it raised the bar in terms how they will interact with their shareholders, and it also gives them access to capital market and establishes a clear validation for the company.
P E-Games Chief Executive Officer Enrique Gonzales said after the formal listing ceremony, “The listing does a lot for the company. This raises the bar in terms of how we interact with our stakeholders namely our public investors. It gives us access to capital market and it establishes a clear validation for the company.â€
“With our access to the capital markets, we are well positioned to further grow the company by continuously investing in our content pipeline and publishing infrastructure. We hope to attract our gaming community to participate in the stock market, and in particular with our company,” Gonzalez noted.
As for the IPO, Gonzales aid they plan to hold it on the third or fourth quarter of this year. He believes that there would be a tremendous boost in the local economy brought about by the upcoming elections. He also looks to the optimism that would be brought about by the new leadership after the elections.
IP E-Games is the publisher of popular Massively Multiplayer Online Role Playing Games (MMORPGs) CABAL Online and RAN Online, and also the beat game Audition Dance Battle. It is the first local online game publisher to be listed in the PSE.
February 19, 2010
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Tags: common stocks, gaming company, IP E-Games, Philippines, PSE, public listing, publisher, shares, stock, stock exchange · Posted in: Announcement, Corporations, economy, Government, investments, IPO, marketing, money, Philippine business news
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