Online gaming company gets listed in the PSE
Posted on February 17th, 2010
Philippine online gaming publisher IP E-Game Ventures Inc. (IP E-Games) was finally listed in the Philippine Stock Exchange (PSE). The company held its listing ceremony at the PSE last Wednesday. IP E-Games is the first online gaming company to be listed in the PSE.
A subsidiary of technology firm IPVG Corp., IP E-Games was able to get approval on an initial introduction of 33,545,554 common shares from the Second Board of the PSE last February 1, 2010. The company’s stocks, listed under the symbol “EG” on the PSE board, will be traded at an indicative reference opening share price of P50 each.
IP E-Games Chief Executive Officer Enrique Gonzales said after the formal listing ceremony, “The listing does a lot for the company. This raises the bar in terms of how we interact with our stakeholders namely our public investors. It gives us access to capital market and it establishes a clear validation for the company.”
He added, “I think what that means for our gamers, what that means to the online gaming industry in the Philippines is we are now positioned to access funds from the capital market and we are going to invest those funds in building up the online gaming industry in the Philippines.”
IP E-Games is the publisher of popular Massively Multiplayer Online Role Playing Games (MMORPGs) CABAL Online and RAN Online, and also the beat game Audition Dance Battle.
The company is not yet required to go through an initial public offering because it was listed by way of introduction, but PSE regulatory requirements mandate that companies who enlist should conduct a public offering and conform with the minimum public ownership requirement within 12 months.
Gonzales said they are planning to hold their public offering on the third or fourth quarter of the year. He believes that upcoming elections would give a “tremendous boost to the local economy.” “Plus, there is a sense of optimism once new leadership has been elected,” he added.
