] gave notice that 2.35 billion shares will be coming out of mandatory lock-up on October 2. These shares are owned by
’s ownership group, including , and have been held in lock-up for six months since ’s March 2023 IPO in accordance with the PSE’s The mandatory lock-up rule exists to protect IPO buyers from potential rug pulls. A “rug pull” is a term that we use mostly in the crypto space to describe a new coin or offering that has its value obliterated by intense and indiscriminate selling by the ownership group shortly after the coin or offering is sold to the public. Is a rug pull possible on the PSE? Absolutely.
shares are down 26% from the IPO, and the ownership group still owns enough of the company that it can afford to sell some without damaging its dominion and control. Are all of the shareholders in it for the long haul, or will one or two begin to test the waters on cashing in on the open market? I’m going to watch the volumes closely when the lock-up period expires.Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines.
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