Philippine Nickel Asia IPO debut up 29 percent

CNBC reported that Manila’s Nickel Asia IPO jumped 29 percent during its debut.

Shares in Nickel Asia, the Philippines’ biggest nickel miner, jumped as much as 29 percent at its debut on Monday, bucking weakness in the broader market.

The stock opened at 19 pesos, higher than its issue price of 15 pesos, and climbed as high as 19.40 pesos in early trade. It pared its gains to 16.5 pesos, the session’s low, at the close. The broader market ended down 0.4 percent.

The 33-year old company has controlling stakes in four Philippine nickel mines — Rio Tuba, Taganito, Cagdianao and Taganaan mines. Around 50 percent of its total output is shipped to China, which accounts for over a third of global nickel consumption.