Quick notes from around the market
Mega Global Corp (MGC) still targeting IPO by “50th birthday” (2025) which is unchanged from its earlier signalling that it would IPO around that time. The more IPOs the better, but it’s going to be a long road to IPO if we get vague teasers every 6 months for the next 3 years.
DITO [DITO 5.15 1.38%] will have over 12 billion shares listed on February 4; these were the shares that were sold to Dennis Uy through Dennison Holdings and Udenna Corp through a private placement and the share swap related to the injection of the Dito Telecommunity assets. The listing raises DITO’s outstanding shares by more than 630%, but does nothing to the actual price of the stock since the shares’ existence has already been accommodated in the price from the time of issuance.
DITO resumed trading after its halt was lifted yesterday at 10:30am; initially, the stock traded as low as P4.80/share (-1.6% from the ill-fated SRO’s offer price) at the start of the day, before shooting up to as high as P5.25 over the course of a about 10 minutes (a +10% rip from that early session low). More than half of the day’s volume was spent in that crazy first few minutes. The stock more or less bounced around break-even for the rest of the session.
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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