MANILA, Philippines — Investment firm CTS Global Equity Group Inc. outperformed the local bourse during its stock market debut on Wednesday.
CTS posted an intra-day high of 19% before paring those gains to close 11% above its offer price of P1 per share.
CTS tracked a surge in the main index, which capped the week up 1.30%. The local stock market will be closed on Thursday and Friday for the Lent season.
The investment company owned by veteran stockbroker Edward Lee, who is also the founder and owner of listed brokerage COL Financial, sold 1.375 billion primary common shares during its initial public offering.
CTS will use proceeds from the IPO for the growth of its trading operations.
The company's decision to go public came at a turbulent time for equity markets amid an ongoing war in Ukraine, faster pace of global tightening and rising coronavirus cases in parts of the planet. — Ian Nicolas Cigaral