Investors who took part in the initial public offering (IPO) of specialty retailer SSI Group Inc. (SSI) gained 6.5% during the stock’s first trading day.
SSI closed at P7.99 per share on November 7, the first trading day after the company’s IPO, a 6.5% increase from the offer price of P7.50.
(See also: Subscribe to the IPO of SSI and PSPC?)
The stock opened and first traded at a price of P8.01 and more than 26.2 million shares were traded on Friday.
The company raised P5 billion from the initial public offering (IPO), majority of it will be used for the company’s expansion. SSI plans to launch an online shopping store to market its imported foreign branded products and add more offline retail branches in the Philippines.
It will also use proceeds to expand the company-owned FamilyMart convenience stores and Wellworth department stores.
SSI resells 103 international brands in the Philippines, including:
- Salvatore Ferragamo
- Michael Kors
- Kate Spade
- Old Navy
- Nine West
- Payless Shoe Source
- Beauty Bar
- Marks and Spencer
- Pottery Barn
SSI also manages and operates FamilyMart convenience stores, a joint venture with Ayala Land, Inc. (ALI), Japan FamilyMart and Itochu Corporation of Japan.
It also owns the Wellworth Department Store, targeting the mid-market segment, also under a joint venture with ALI.
As of June 2014, SSI operates a total of 655 retail outlets in 68 malls nationwide.
Want to know if stockbrokers recommended that you subscribe to the SSI IPO? Read 7 Special Reports here:
- SSI Group IPO Analysis #1 (by Angping Securities)
- SSI Group IPO Analysis #2 (by Unicapital Securities)
- SSI Group IPO Analysis #3 (by 2Trade Asia / F. Yap Securities)
- SSI Group IPO Analysis #4 (by DA Market Securities)
- SSI Group IPO Analysis #5 (by AB Capital Securities)
- SSI Group IPO Analysis #6 (by RCBC Securities)
- SSI Group IPO Analysis #7 (by Regina Capital)