Altus has highest intraday high but PXP’s first day closing gain of 616% still untouchable

Altus Property Ventures Inc. dazzled investors on its listing day on June 26, rising by as much 23-fold in the middle of trading.

The subsidiary of Robinsons Land Corp. rocketed to P240 per share n mid-trading or 2,276 percent up from its listing price of P10.10. It ended trading at P18.50 per share or a relatively modest 85 percent first-day gain.

But Altus is not the most impressive debut of a stock through Listing By Introduction (LBI), an alternative way to have a company’s stock traded on the stock market without going through the initial public offering (IPO) process or a backdoor listing through the purchase of shell publicly-listed firm.

Philex Petroleum Cop. (PXP), wildcatting arm of Philex Mining, still holds the most unforgettable opening day for an LBI stock.

PXP peaked at P13 intraday for a gain of 983 percent from its listing price of P1.20. But it closed at P8.60 per share at the bell, for a record setting gain of 616 percent.

In fact,another LBI stoc has a better closing price than Altus.

Yehey! (now Apollo Global Capital Inc.) closed at P2.70 per share on its October 2012 debut, 170 percent better than its listing price of P1.

Two other firms that went through the LBI route were PHINMA Petroleum and Geothermal, Inc. (now ACE Enexor Inc.) which gained 60 percent to P7.40 on its first day in August 2014; and Top Frontier Holdings Inc. which lost 44 percent to P98.95 on its January 2014 debut. Courtesy: Bilyonaryo.com

Source: Peso Economics