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Wednesday, September 28, 2022

Big SE Asian IPOs see mixed debuts on outlook worries

KUALA LUMPUR/MANILA: Shares in Philippines’ second-largest IPO and Malaysia’s largest offering in more than three years had a mixed debut on Monday, as analysts pointed to expansion concerns in pandemic-hit markets.

Philippine fibre broadband provider Converge ICT Solutions Inc’s shares slumped as much as 11.2% and ended 9.4% lower, while Malaysian home improvement retailer MR D.I.Y. Group Bhd briefly fell as much as 6.25%, but later rose to trade above the IPO price.

The Southeast Asian IPO market has been hit by underperforming stocks and currencies, but companies in the region have raised $7.1 billion so far this year through IPOs, led by Thailand, up 21% from the same period a year ago, according to data from Refinitiv.

April Lee Tan, research head at COL Financial in Manila flagged Converge’s IPO price as expensive.

“I like the growth story of the company,…

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