• PSE: More IPOs in second half; keeps P200-B capital raising target

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    With the launching of the country’s first initial public offering (IPO) for this year, the Philippine Stock Exchange (PSE) expects more companies to follow suit in the second half, which will bring close to P100 billion worth of capital raising.

    After the Villar family–led death care service provider Golden Haven Memorial Park raised P787.12 million through the IPO last month, cement manufacturer Cemex Holdings Philippines Inc. has started this week its P25.1-billion offering.

    “For the next half, around three (more companies) hopefully… We are seeing in terms of the companies who have already engaged underwriters. No names basis, they have already started the process, it is just going to be a matter of time whether they will do public offering,” PSE chief operations officer Roel Refran said in an interview.

    Refran said they have been talking to potential IPO listers, which are close to submitting their listing applications.

    He added some of them are expected to debut in the local equities by the first half of 2017.
    Refran further said the expected P100 billion worth of capital-raising is still much lower than the Exchange’s P200-billion target for the year.

    But while it is maintaining this year’s P200-billion capital-raising goal, the PSE official added “we will (still) take a look at it (goal).”

    Refran believes that the British referendum on leaving the European Union will not affect the local market.

    “We are not heavily dependent or interrelated now with the European markets in terms of the real economy or politics in general although we are obviously globalized, we connect with them,” he said.

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