The share price of Bank of Commerce, an affiliate of conglomerate San Miguel Corp., rose 1.83 percent on its debut Thursday at the Philippine Stock Exchange.
It opened strong at P12.50 from its initial public offering price of P12, before closing at 12.22.
The newly-listed bank raised P3.36 billion in proceeds from the sale of 280.60 million common shares.
“BankCom’s strategic vision is to be at par with the country’s leading domestic banks. We expect the bank to continue to grow in the coming years, achieve economies of scale, improve efficiency and serve more Filipinos, from retail customers, small-to-medium enterprises, to major corporate clients, as Philippine economic growth gets back on track,” SMC president and chief executive Ramon Ang said.
Net proceeds from the offering will be used to fund the bank’s lending activities and finance capital expenditure requirements in connection with the upgrading of its automated teller machines fleet and core banking system.