Puregold chairman Lucio Co accepted the award last Feb. 2 at the Four Seasons Hotel in Hong Kong together with other Puregold officials, including vice chairman/treasurer Susan P. Co, director Ferdinand Vincent P. Co and president Leonardo B. Dayao.
“Mid-cap IPO candidates in any market have had a tough time convincing investors to part with their money this year, which makes Puregold’s listing in the Philippines even more eye-catching,” FinanceAsia said on its website last Dec. 13, 2011 when it released the list of honorees for its Achievement Award 2011.
The FinanceAsia added that “in a country that has only a marginal weighting in regional indices and where the stock market trades less than $100 million a day, Puregold raised $172 million from its IPO and allocated 70 percent of the shares to international investors, including sovereign wealth funds.”
FinanceAsia added that the offering was multiple-times covered despite a challenging market that saw more than $7 billion of Asian deals being postponed or delayed during the marketing period, but priced at the bottom of the range at a fairly undemanding 2012 P/E multiple of 11.8.
Since its debut in early October, the stock has gained 37 percent, it noted.
“The successful execution of its IPO, which was in fact the only internationally distributed IPO in the Philippines this year, also makes it a worthy winner of our mid-cap deal award,” FinanceAsia said.
Since Puregold’s listing in the Philippine Stock Exchange on Oct. 5, 2011, the company’s shares enjoyed buoyant trading among local and foreign investors. Puregold shares closed at P20.45 per share on Feb. 6, 2012, compared to its IPO price of P12.50 per share.
http://www.philstar.com/Article.aspx?articleId=776923&publicationSubCategoryId=66
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