DENNIS Uy-led Chelsea Logistics Holdings Corp. rallied strong on the Philippine Stock Exchange on Tuesday opening 3.37 percent higher from its initial public offering (IPO) of P10.68 per share.
Chelsea Logistics opened at P11.04 apiece.
The company registered over 546 million common shares with the Securities and Exchange Commission for the IPO. The offer shares will account for 30 percent of the 1.82 billion outstanding common shares of the company.
The IPO proceeds will be used for fleet expansion, the purchase and upgrade of ports, port facilities, containers, machinery, equipment, and acquisition of other shipping and logistics firms. ANGELICA BALLESTEROS