The continued IPO resurgence is taking a toll on the market. People are liquidating their stock position in order to buy these IPOs. IPOs are most likely instant profit for the investors. I remember when I bought the IPO of LOTO priced at 8.80 pesos, if I can remember right. Opening day it surged up to its ceiling of around 16 pesos! That's practically 100% increase in your investment.
But not all IPOs perform similarly. Take for instance the recent Aboitiz Power IPO. It closed flat on opening day, and then even went down further the next day.
But I think the GMA IPO, which will beging trading end of the month will make it big.
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