The Philippine Stock Exchange (PSE) eyes to attract P200 billion worth of fundraising through its platform this year.
Ramon Monzon, PSE president, said the stock exchange so far has secured fundraising activities worth P150 billion, which include eight completed initial public offerings (IPO) worth P76.7 billion, and another P75 billion coming from four expected IPOs and two stock rights offers.
“It’s about P150 billion-plus, so we hope to get more obligations and reach P200 billion by the end of the year,” Monzon said.
In spite of this, the PSE is looking forward to a record number of IPOs to be staged in a year this 2022, according to Monzon.
The PSE, meanwhile, is delaying the planned mandatory increase of listed firms’ public float to 25 percent due to the current market condition.
Roel Refran, PSE chief operating officer, said that remains an aspiration but the PSE will instead focus on requiring listed companies that are part of its various indices to maintain the required 20 percent float.
New companies that are looking to list in the Exchange are also required to observe the 20 percent minimum public float.
The PSE is also looking to revive its shelved plans to acquire the Philippine Dealing System (PDS).
Monzon said since the government’s initiative under the Duterte administration to buy the PDS through the Land Bank of the Philippines (Landbank) did not pan out, the PSE is now reviving its plans.
“I would say it is still on the table. As you know, we had definite plans to acquire PDS in 2018 and we had to put our acquisition plans aside because at the time there was a move by the Secretary of Finance to have Landbank buy PDS,” he said.
“But in the two and a half years since that expression of interest by the Secretary of Finance to have Landbank acquire PDS, nothing has really happened. So, we feel we will be in a position to pursue this acquisition again shortly,” Monzon added.
