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Thursday, March 28, 2024

Small IPOs emulate DoubleDragon, Xurpas

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Given the success of the two bite-size initial public offerings last year—Xurpas Inc. and DoubleDragon Properties Inc.—two more small caps companies are also looking to list with the Philippine Stock Exchange this year.

Sources said Cebuana Lhuillier, the flagship brand of PJ Lhuillier Group of Companies and Bounty Fresh Chicken, owned by the Chen family, are exploring plans to raise fresh funds through the stock market this year.

The two companies aim to raise between P1 billion and P2 billion each in fresh funds.

Cebuana Lhuillier and Bounty Fresh Chicken are in talks with First Metro Investments Corp. to be their underwriter for the offering.

Two factors could work well for Cebuana Lhuillier and Bounty Fresh Chicken, if they decide to push through with their IPO plans.

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For one, both firms are engaged in sectors that are expected to perform well this year. The average size of their IPOs, meanwhile, is something that the domestic investors could easily absorb.

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