THE country's first public listing for the year — also the first by a mining company in over a decade — got off to a rocky start on Monday.OceanaGold Philippines Inc. saw its shares open slightly higher than the discounted initial public offering price of P13.33 at P13.34, but then closed the day 6.16 percent down at P12.50.The benchmark Philippine Stock Exchange index , which has struggled in recent weeks after nearly returning to the 7,000 level last month, started the week 1.
Its parent firm has said that the proceeds from the IPO would be used for the 'repayment of the company's debt,' which was $135 million at the end of 2023.During Monday's bell-ringing ceremony, OGP President Joan Adaci-Cattiling said the listing was 'truly a momentous occasion, a milestone not only for us but for the Philippine mining industry and business sector in general.
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OceanaGold makes lackluster market debutAustralian-Canadian mining company OceanaGold Philippines Inc. saw a lackluster market debut yesterday after its share price dropped by more than six percent.
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