Nickel Asia Corporation debuted earlier today its stocks on the Philippine Stock Exchange. Its opening price was at 19 pesos per share, and going as high as 19.40, before losing momentum to eventually close at 16.50 pesos per share.
While NIKL performed better in its debut agains Cebu Pacific's (CEB) IPO a few weeks back, NIKL's IPO was very volatile, moving within a 20% range in the morning trade. Usually on IPOs, it is the foreign investors who have the "strong" hands, with locals the one selling upon opening to make a quick buck. But this time, it is the foreign investors that are taking advantage of the IPO euphoria, selling down on any bids made by the local investors.
Still, it will be interesting to know what will happen on tomorrow's session, as this could also offer insights on the potential move of IP-Converge's IPO next month. Stay tuned guys.
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