Critical equipment may have lost its appeal to investors less than two years after the first case of COVID-19 was identified in the Philippines. Consequently, when the Villar family-owned Medilines Distributors Incorporated (PSE: MEDIC) conducted its IPO on 4 November 2021, as the second to the last IPO of the year, it became the worst performing IPO in 2021. On the first day of public trading at the PSE, its price declined 30.0% to a day low of P1.61 from its IPO price of P2.30 per share. Although the Co family's newly acquired and renamed The Keeper Holdings, Inc. (PSE: KEEPR) performed worse, plunging 31.3% on its first trading day on 19 November 2021, the market offering was a Follow-On Offering, which technically an IPO. KEEPR is majority (77.54%) owned by Cosco Capital Inc. (PSE: COSCO), the family's publicly listed investing holding company. Its public ownership percentage is 20.82% as of 18 November 2021. (Sources: PSE Edge)