MANILA, Philippines--The share price of leading online gaming firm IP e-Games Ventures Inc. hit the roof Wednesday on its listing debut at the Philippine Stock Exchange ahead of a targeted initial public offering (IPO) later this year.
In a briefing after the listing ceremony, IP e-Games chief executive officer Enrique Gonzales said Wednesday?s listing by way of introduction?or without any IPO?has given the gaming publisher access to the capital markets and established a clear valuation of shares for future fund-raising.
IP e-Games, which started trading under the ticker ?EG,? Wednesday saw its share price surging 50 percent, the maximum daily price increase allowed in the local stock market, to close at P75 a share from an opening price of P50.
At its closing price, the company had a market capitalization of P1.67 billion. About 33.54 million IP e-Games shares were listed on the PSE?s second board, a platform for companies with a ?potential for superior growth,? an operating history of at least a year prior to its listing and a minimum capitalization of at least P250 million.
?This is a major milestone for us. When we started e-games in 2006, our vision was to revolutionize online gaming. Looking back over the last three years, we?ve achieved our vision,? Gonzales said.
?We are now in position to access funds from the capital market. How we intend to do that is through a continuous rollout of very good content and also improving online gaming infrastructure in the Philippines,? he said. ?A lot of these ideas that we have, they?re only as good as the execution. We?ve got the right team, the right strategy and now we have the funding.?