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Philippine bourse president sees record number of IPOs this year

·2-min read
An electronic board displays stock figures at the trading floor of the Philippine Stock Exchange (PSE) in Bonifacio Global City (BGC), Metro Manila, the Philippines. (Photo: Getty Images)
An electronic board displays stock figures at the trading floor of the Philippine Stock Exchange (PSE) in Bonifacio Global City (BGC), Metro Manila, the Philippines. (Photo: Getty Images)

By Ian Sayson

(Bloomberg) — The number of initial public offerings at the Philippine Stock Exchange (PSE) will probably rise to a record this year, with a value of at least P150 billion ($2.7 billion), bourse President Ramon Monzon said in a virtual briefing.

The guidance is based on existing IPOs in the pipeline and share sales that have already take place, including eight in the first half of the year that raised a total of P76.17 billion, according to Monson. The value of offerings in the southeast Asian country could reach P200 billion if the companies that indicated interest submit applications, he said.

While the number of IPOs this year would probably be the highest ever for the exchange, Monzon said, the capital raised will not match the record P234.48 billion last year, when just two share sales brought in a total of almost P70 billion.

Planned IPOs include Prime Infrastructure Capital Inc.’s P28.2 billion share sale and Globe Telecom Inc.’s P32 billion follow-on offer, Monzon said.

Other highlights

  • The bourse is looking at reviving its offer to buy the rest of the Philippine Dealing System Holdings Corp. as a rival offer from Land Bank of the Philippines to acquire the nation’s bond exchange and a depository hasn’t been successful.

  • The exchange will proceed with a minimum 20% public float requirement for index stocks by December and has urged the three companies in the benchmark with a public float below this level to comply.

  • The plan to boost the public float of listed companies to 25% and expand trading liquidity is on hold as the market may not be able to absorb this, given the current weak investor sentiment.

  • While the bourse is the ideal platform for trading of crypto currencies because it has the capability to protect and educate investors, it will hold off until rules and regulations have been established.

© 2022 Bloomberg L.P.