Out of the 430 million shares to be listed, 110 million were recently offered to the public at P1.36 per share.
CitisecOnline’s initial public offering (IPO) is only the second this year next to the Lopez-controlled First Generation Holding Corp. in February.
The company said proceeds from the offering will be used to fund working capital requirements, expand market reach and customer base as well as programs aimed at retaining customers and satisfying their requirements.
CitisecOnline aims to be Asia’s leading online financial services provider, giving customers access to global markets and products.
It expects its online stock trading business to double this year, given the continued improvement in the government’s fiscal position and the strong dollar remittances from overseas Filipino workers.
CitisecOnline also hopes to take advantage of the growing internet market to encourage retail investors to trade online.
According to CitisecOnline, the potential of online trading in the Philippines remains largely untapped as the growth of the other markets in the region such as Korea where online traders comprise 81 percent of their market and Japan with online traders accounting for 70 percent.
The company’s online facility has generated a subscriber base of 500 and this is seen to double by the end of the year. Citisec’s top clients account for a monthly average turnover of P5 million each.
CitsecOnline’s objective is to convince more Filipinos that the stockmarket’s biggest attraction is its ability to generate huge profit potential. The market’s retail investor base is seen to grow to as much as 250,000 from the current 50,000.
The firm hopes to convert majority of current investors, who now trade through traditional brokerages, to online trading offering as low as 0.25 percent, off-hours trade placement, fundamental and technical analysis and other features as come-ons.
Capitalized at over P300 million, CitisecOnline is also a member of the Hong Kong Stock Exchange.