OceanaGold Philippines’ shares decline in early trades on market debut

May 13, 2024 - 1:42 PM
OceanaGold logo

 Gold miner OceanaGold Philippines Inc’s OGP.PSshares fell as much as 6% below their initial public offering (IPO) price in the first 15 minutes of trading on their market debut on Monday.

The shares opened at 13.34 pesos ($0.2314a touch above their IPO price of 13.33 pesos, but subsequently lost ground.

Toronto-listed miner OceanaGold Corp OGC.TO sold 20% in subsidiary OceanaGold Philippines via an 6.078 billion pesos IPO, the first listing in the Southeast Asian nation this year and the country’s first public debut for a mining firm since 2012.

The gold and copper miner conducted its IPO to comply with a regulatory requirement for its operations in northern Philippines.

OceanaGold’s Didipio mine started commercial operations in 2013 and has a mine life of up to 2035.

($1 = 57.64 Philippine pesos)

— Reporting by Neil Jerome Morales; Editing by John Mair