MANILA, June 29 (Reuters) - Shares of Philippines’ D.M. Wenceslao and Associates Inc fell as much as 13 percent lower than the offer price in the country’s first initial public offering (IPO) this year.
The real estate developer and construction firm’s shares fell to 10.40 pesos after opening at 11.80 pesos apiece, lower than the IPO price of 12 pesos.
D.M. Wenceslao raised 8.15 billion pesos ($152.4 million) from the IPO, despite volatile market conditions. ($1 = 53.4880 Philippine pesos) (Reporting by Neil Jerome Morales; Editing by Gopakumar Warrier)