San Miguel Corporation or SMC share price goes down by 28 percent as trading resumes May 5 yesterday. From the last price of P153 per SMC share last April 12 and they went on voluntary trading suspension in relation to the IPO offering they had for their $900-million share and bond sale which is said to be the largest equity deal in our country and the biggest concurrent offering in Southeast Asia in more than ten years.

The company made the voluntarily trading suspension so as to avoid any further price speculation and also to let the public have the chance to analyze carefully and consider investing in the offer shares. The price was below the IPO price of P110.3310.  It opened at P110 lower than what SMC predicted at around P120 to P185 from what I heard.

My request for SMC IPO of 500 shares minimum was not granted. My broker said they raffled off the allocated shares. I felt sad when I saw their email the night before SMC resumed trading May 5. But I think it was a blessing in disguise because I was able to buy the same number of shares when they resumed trading that day at a lower price around P109. If I had waited past ten in the morning but because I feared it may go up back up above P110 I went for that price while the price actually went down even to as low as P105.70 and going up as high as P110 only and closed at P109.50 with average of P108.33 last May 5 which is the day SMC resumed trading after their IPO.

Someone I knew familiar with the company said that the chairman is very confident that the share price will go up as high as P500. Well that was just what was relayed to me. Well I would be happy if indeed it will go up to that price by the end of the year or even next year if I still have SMC shares by that time that is.