Auditing and consultancy firm Ernst and Young (EY) said the Philippine equity market attracted $75 million worth of fundraising activity, vis-a-vis Southeast East Asia’s $5.6 billion in 2023.
The firm said the region’s initial public offering (IPO) market attracted lesser fundraising in terms of value last year, 20 percent lower than the prior year’s $6.9 billion, though the number of fundraising activity went up 3 percent to 157 compared to the previous year.
“Asean exchanges that were the most active in 2023 were Indonesia (79 IPOs raising $3.6 billion), Thailand (37 IPOs raising $1.1 billion) and Malaysia (32 IPOs raising $801 million). The three Asean countries recorded an increase in the number of IPOs versus a five-year average. Singapore and the Philippines hosted six and three IPOs on their exchanges, raising $35 million and $75 million, respectively,” EY said.
The data is part of EY’s YE Global IPO Trends 2023 report.
The auditing firm said “multiple crosswinds superseded global IPOs” despite a market rally last year.
EY noted that IPOs globally reached 1,298 with funds raised hitting $123.2 billion.
“Overall, the global IPO market in 2023 experienced shifting landscapes with improved Western market sentiment counterbalanced by China’s cool-down, as well as a contrast between hot developing market small-cap deals and lackluster large offerings,” it said.
“Compared to 2022, IPO proceeds in 2023 lagged the previous year’s tepid pace by roughly a third, although deal volumes picked up in both the Americas and EMEIA (Europe, Middle East, India and Africa) regions,” it added.
EY said despite a strong market rally and low volatility index, public offerings have remained subdued in many developed markets, except for a brief September window in the US.
