Clark Freeport-based Phoenix Semiconductor Philippines Corp. (PSPC) became the first Korean-owned company to list on the Philippine Stock Exchange, with the semiconductor manufacturer raising fresh equity to fund part of a $173-million factory expansion program.
But shares of PSPC closed Monday at the initial public offering price of P3.15 a share after rising by as much as 7.94 percent in early trade.
Dealers said the market turned cautious after one large local brokerage firm was seen selling shares in the open market.
About P237.4 million worth of PSPC shares were traded on listing date.
Based on Monday’s closing, PSPC—one of Clark Freeport’s largest exporters—was valued by the market at P6.82 billion. About 15 percent of its shares are now held by the public after the sale of 324.76 million in primary and secondary common shares.
In a briefing after the listing ceremonies, PSPC vice president and chief finance officer DongJoo Kim said the company had invested a total of $900 million since building its hub in Clark and would invest the additional $173 million to boost capacity. Doris C. Dumlao