Phinma Education postpones IPO plans to 2021

PHINMA Education Holdings Inc., the school operator of listed parent Phinma Corp., is postponing its plan to conduct an initial public offering (IPO) to 2021 as the company is still working on strengthening its profitability following the implementation of the K-12 program, which has affected its revenues.

“With the start of the K-12, we decided to postpone the IPO to around 2021, essentially because the introduction of Grades 11 and 12, which we agree is important, means we will not have freshmen in 2016 and no freshmen and sophomores in 2017,” Chito B. Salazar, Phinma Education president, told The Manila Times in an email interview.