Asia United Bank jumps 9.5% on debut

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AUB branchIn the first initial public offering at the Philippines Stock Exchange after the country received  investment grade status, Manila-based Asia United Bank Corp (AUB) jumped as much as 9.5 per cent on its market debut on May 17.

The IPO was heavily oversubscribed. AUB sold shares worth $204 million.

The stock opened at 101.5 Philippine pesos ($2.46), 6.8 per cent higher than its offer price of 95 pesos a share, before rising to 104.4 pesos. The broader market was almost flat in early trade.

The IPO comes as the Philippines stock market has surged more than 22 percent in 2013 to become Southeast Asia’s best performing bourse on expectations of continued strong domestic growth. On May 15, right after teh Philippine mid-term elections, the main index at the Philippines Stock Exchange crossed 7,400 points for the first time ever and is now trading in a range between 7,300 and 7,400.

Asia United Bank, majority owned by unlisted Philippine snack food manufacturer and exporter Republic Biscuit Corp, said it will use the offer proceeds to finance expansion plans.

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Reading Time: 1 minute

In the first initial public offering at the Philippines Stock Exchange after the country received  investment grade status, Manila-based Asia United Bank Corp (AUB) jumped as much as 9.5 per cent on its market debut on May 17.

Reading Time: 1 minute

AUB branchIn the first initial public offering at the Philippines Stock Exchange after the country received  investment grade status, Manila-based Asia United Bank Corp (AUB) jumped as much as 9.5 per cent on its market debut on May 17.

The IPO was heavily oversubscribed. AUB sold shares worth $204 million.

The stock opened at 101.5 Philippine pesos ($2.46), 6.8 per cent higher than its offer price of 95 pesos a share, before rising to 104.4 pesos. The broader market was almost flat in early trade.

The IPO comes as the Philippines stock market has surged more than 22 percent in 2013 to become Southeast Asia’s best performing bourse on expectations of continued strong domestic growth. On May 15, right after teh Philippine mid-term elections, the main index at the Philippines Stock Exchange crossed 7,400 points for the first time ever and is now trading in a range between 7,300 and 7,400.

Asia United Bank, majority owned by unlisted Philippine snack food manufacturer and exporter Republic Biscuit Corp, said it will use the offer proceeds to finance expansion plans.

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