Philippines’ Bank of Commerce rises in market debut after $65 mln IPO

MANILA, March 31 (Reuters) – Shares in Philippines’ Bank of Commerce BNCOM.PS rose 1.8% in its stock exchange debut on Thursday following a 3.37 billion pesos ($65 million) initial public offering, the country’s fourth public share sale this year.

The bank, owned by conglomerate San Miguel Corp, is the first lender to list on the country’s stock exchange in nine years. Its shares rose as high as 4.8% in its first trading day, versus its IPO price of 12 pesos per share.

($1 = 51.86 Philippine pesos)

(Reporting by Neil Jerome Morales
Editing by Ed Davies)

((neiljerome.morales@thomsonreuters.com; +632 8841 8914;))