Philippine IPO in the eye of the storm
One of Philippine's biggest IPO tumbled 7 percent at its debut on the stock exchange on Monday, coming to market as stocks resumed trade for the first time since the world's biggest storm this year battered the country's central provinces late last week.
Shares of department store operator Robinsons Retail suffered a sharp fall, hurt by negative investor sentiment following the devastation left by Typhoon Haiyan, which has reportedly killed upwards of 10,000 people and affected millions.
(Read more: Scenes from Philippines' super storm)
The company – which is owned by one of the Philippines richest families: the Gokongweis – raised $620 million which it said it will use to fund the opening of new stores across the country.
Including a greenshoe option, total proceeds could reach $650 million which would make it the largest-ever Philippine IPO.
(Read more: Will super typhoon derail Philippines' economy?)
Speaking to CNBC on Monday, COO Robina Gokongwei-Pe said the extent of damage from Typhoon Haiyan was unconfirmed but distribution centers in Manila were still functioning.
Gokongwei-Pe said that the extent of damage to stores in the Leyte region, the hardest-hit province, "is only material" and the key priority is the safety of their "500 employees."