Philippine Stock Exalter headquarters in Bonifacio Global City, Taguig City. It has again upgraded its capital raising tarobtain this year. INQUIRER PHOTO / NINO JESUS ORBETA
MANILA, Philippines – The Philippine Stock Exalter (PSE) again upgraded its capital raising tarobtain this year to P186.3 billion from P170 billion originally. This, as more companies are expected to tap local equities to bankroll expansion plans.
PSE president and CEO Ramon Monzon notified reporters on Saturday they were anticipating two initial public offerings (IPO) this second semester. There are also two follow-on offerings, one stock rights offer and one listing of convertible warrants.
The new goal entails a 126-percent leap from last year’s P82.4-billion total. So far, the PSE has facilitated P62.6 billion in capital raising this year.
READ: PSE upgrades capital-raising goal to P170B
“Hopefully we’ll receive more [capital raising] applications in the third and fourth quarter,” Monzon declared during an online press briefing.
Also, the new tarobtain represents a 33-percent jump from the bourse’s P140-billion projection at the launchning of the year.
This comes despite domestic and global challenges. Most recently, US President Donald Trump announced a 20-percent tariff on the Philippines. This was higher than the 17 percent announced last April.
Geopolitical conflict in the Middle East is likewise seen to take a toll on the market since this poses a potential threat to global oil supplies.
“It’s just a question of time … the problem is our market keeps reacting to global markets,” Monzon declared.
Still, the CEO pointed out that earnings of listed companies were “very consistent and very exceptional.” He declared this entailed a much more optimistic outview for the market.
The IPO of Maynilad Water Services Inc. is one of the most-anticipated stock market debuts this year. This, especially since the firm is racing to meet its 2027 listing deadline under its contract with the government.
The P37.41-billion market debut was originally scheduled this month. But Maynilad had opted to delay this to October, citing the request of “strategic cornerstone investors.”
At the same time, Hann Holdings Inc., the company of South Korean businessman Han Dae-sik, is viewing to raise P13 billion from its IPO in September.
The luxury resort developer plans to expand its portfolio of electronic casino offerings. The goal is to have about 500 games by the finish of the year from 103 currently.
Monzon declared they had not yet received other IPO applications apart from Maynilad and Hann. Initially, they tarobtained six IPOs this year.
Your subscription could not be saved. Please test again.
Your subscription has been successful.
So far, only Cebu-based fuel retailer Top Line Business Development Corp. has braved the volatile local market. It was able to raise P732 million. INQ
Leave a Reply