Chelsea Logistics up 3.37% in market debut

Chelsea Logistics Holdings Corp. (CLC) opened at P11.04 per share on Tuesday, its first day of trading on the Philippine Stock Exchange, up 3.37 percent from an initial public offering (IPO) of P10.68 per share.

As of 10:21 a.m., CLC was trading up 4.49 percent at P11.16 per share.

"Nothing out of the ordinary. Average IPO gains on day one trades at 12 percent," Justino Calaycay Jr., senior research analyst at Philstocks Financial Inc., told GMA News Online.

In a separate commentary, Regina Capital Development Corp. said it was within expectations.

"It isn't much of a surprise given that we have heard rumors of it trading above 11.00 and it was five to six times oversubscribed for many brokers," according to Regina Capital.

The company sold 546,593,000 new common shares, or 30 percent of its 1,821,977,615 outstanding common shares, raising as much as P5.84 billion during the offer period on July 24 to 31.

Proceeds from the IPO will finance the company's fleet expansion; purchase and upgrade of ports, port facilities, containers, and machinery and equipment; acquisition of other shipping and logistics firms; and general corporate purposes. — VDS, GMA News