The Philippine Stock Exchange (PSE) is optimistic it can attract six initial public offerings (IPO) next year.
Ramon Monzon, PSE president, said coupled with other fundraising activities, these IPOs will help raise as much as P150 billion in new capital.
“I hope we can get three or four big ones, maybe some small and medium,” Monzon said.
Monzon said of those previously identified to do public listing, Maynilad Water Service Inc. has yet to formally file its IPO plans.
He said the PSE is waiting for the SM Group’s final decision if it will list some of its mall operations under the PSE’s real estate investment trust, according to Monzon.
Globe Telecom Inc.’s GCash IPO will have to adjust its valuation after the spate of recent capital infusion by new investors.
GCash’s valuation ballooned to $5 billion in August after Mitsubishi UFJ Finance Group (MUFG) acquired an 8 percent stake for $393 million.
Monzon’s forecast for next year is conservative compared to the view of Ed Francisco, BDO Capital and Investment Corp. president, that the PSE will attract at least 10 IPOs next year, raising through the market an estimated P50 billion in capital from the IPO alone.
Francisco said about three may tap the PSE in the first half of next year while seven more will follow suit in the latter half. Each fundraising will average around P5 billion.
For the year, PSE has approved four IPOs so far, three of which already held their listing — Citicore Energy Renewable Corp., Oceana Gold (Philippines) Inc. and NexGen Energy Corp.
Pending the PSE’s approval is Top Line Business Development Corp.’s IPO which has passed the Securities and Exchange Commission scrutiny early this month.
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