Dennis Uy's Chelsea Logistics rises in stock market debut

ABS-CBN News

Posted at Aug 08 2017 09:57 AM | Updated as of Aug 08 2017 03:20 PM

MANILA - Davao businessman Dennis Uy's Chelsea Logistics debuted on the stock exchange on Tuesday, in a bet on the growing logistics sector.

Chelsea was up 4.31 percent to P11.16 in early trading. The initial public offering of 546,593,000 shares was priced at P10.68, 37 percent below the ceiling.

The company is poised to benefit from a boom in logistics, as online commerce boosts demand for delivery of goods, said Philstocks Financial senior equity analyst Jun Calaycay.

"For long-termers, I would rather wait for the IPO euphoria to settle down before making long-term commitments," Calaycay told ANC's Market Edge with Cathy Yang.