The number of initial public offerings (IPOs) on the Philippine Stock Exchange could increase to a record this year, worth at least 150 billion pesos ($2.69 billion), according to Bloomberg. According to Monson, the guidance is based on existing IPOs and eight listings completed in the first half of the year that raised a total of P76.17 billion. He added that the IPO country could be worth P200 billion if interested companies file applications. While the number of IPOs this year will…
Philippine Stock Exchange President Ramon Monzon said the number of initial public offerings (IPOs) on the Philippine Stock Exchange could increase to a record this year, worth at least 150 billion pesos ($2.69 billion), Bloomberg News report.
According to Monson, the guidance is based on existing IPOs and eight listings completed in the first half of the year that raised a total of P76.17 billion.
He added that the IPO country could be worth P200 billion if interested companies file applications.
While the number of IPOs this year may be the highest ever for the exchange, the funds raised will not match the record IPO value of P234.48 billion last year, when just two share offerings brought in a total of nearly P70 billion.
Large IPOs planned for the rest of the year include a P28.2 billion share sale from Prime Infrastructure Capital and a P32 billion follow-on offer from Globe Telecom, Monzon said.
Public float requirements for index stocks remain unchanged
The exchange will impose a public float requirement of at least 20% on index stocks by December, and has urged three companies in the benchmark with public float below that level to comply.
Plans to raise the public float of listed companies to 25% and expand trading liquidity were put on hold, given the current weak investor sentiment, which the market may not be able to absorb, the exchange president said.
Regarding cryptocurrency trading in which the Philippine Stock Exchange has technical capabilities, Monzon said such offers will be put on hold until the rules and regulations for the industry are established.
