MANILA, PHILIPPINES – Crown Asia Chemicals Corporation, a plastic compounds and pipe producers, was able to raise Php222.8 million (USD5 million) from its initial public offering (IPO), the Philippine Stock Exchange (PSE) said in a statement on its website.
Crown Asia, listed under the stock symbol “CROWN”, concluded its IPO by listing its shares at the PSE on 27 April.
Based in Guiguinto, Bulacan, Crown Asia manufactures and sells plastic compounds and synthetic resins for making construction materials such as tubes and pipes.
“The company’s primary businesses, whether it be the compounds business or the pipes, are really an enabler, a catalyst for the Philippine economy in general,” said PSE Chief Operating Officer Roel A. Refran in his welcome remarks during the ceremony.
Crown Asia becomes the first IPO in the Philippines for this year after it was approved for an IPO last March.
The offering of 158 million primary common shares ran from April 10 to 17, and later listed on the PSE main board on April 27.
Crown Asia Chemicals is the Philippine bourse’s first IPO listing this year, overtaking the anticipated P7.7-billion IPO of Company of Friends Inc. (ProFriends) and the P32-billion offering of nickel mine Global Ferronickel Holdings Inc. – BusinessNewsAsia.com