I'm not hooked on stocks, but I've been watching closely the local equities market lately because PNB's follow-on offering will list on August 1st. I'm anxious how it will fare, in the light of the performance of recent IPOs like Aboitiz Power and Vista Land.
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I'm glad that the GMA Network Inc. IPO, which was hounded at the eleventh hour by an ownership controversy triggered by a letter complaint filed by former Congresswoman Imee Marcos, listed successfully today. Ms. Marcos' complaint claims that the Duavit family's shareholdings in the network (close to 29%) are owned by his late father, President Ferdinand E. Marcos. Allegedly, his father bought these from Republic Broadcasting in 1973 through Gilberto M. Duavit.
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GMA Network, Inc. (Common), SYM: GMA7, closed at P10.50 per share, gaining 23.53% from the offer price of P8.50 per share on listing day, as 57,372,000 shares changed hands, valued at over P561.8 million. On the other hand, GMA Holdings, Inc. (PDR), SYM: GMAP, closed slightly higher at P11.00 per share, representing a gain of almost 30% on Day 1. A total volume of 200,972,000 shares covered by Philippine Depositary Receipts (PDRs) was traded with a total value of a little over P2.0 billion.
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I've monitored the chatter at the PinoyExchange.com Forum regarding the PNB offering and so far, the exchanges have been positive and bullish for the issue since they started talking about the stock on July 17th. If the GMA performance and the favorable reception of the PNB stock by the investing public to-date is a portent of what will happen on August 1st, there is every reason for PNB President Omar Mier and EVP/CFO Carmen Huang, who ably quarterbacked this fund-raising project, to start chilling the champagne.
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