The Philippine Stock Exchange (PSE) is “hopeful” it will meet its target of raising P200-billion in capital funds in 2014, although it has only achieved about 60 percent of that goal as it entered the last quarter of the year.
Hans Sicat, president and chief executive officer of the PSE told reporters on the sidelines of The Asset Forum late Thursday that the local bourse is keeping its P200-billion capital fund raising target despite raising only about P128 billion as of end-September.
He said that with a string of initial public offerings (IPO) yet to be launched, follow-on offerings, and other shares sale in the fourth quarter toward the yearend, it isit is still possible to hit the target initially set for 2014.
“It’s tight. If [the companies]continue to to finish their deals within the year, I think [the P200 billion target]is achievable,” Sicat said.
Several companies are rushing to complete their offerings before the year ends, including the IPOs of SSI Group Inc. (P7.45 billion, Phoenix Semiconductor Philippines Corp. (P1.73 billion), and Xurpas Inc. (P1.3 billion).
Other fund raisers seeking to complete the exercise within the year include the follow-on share offers of Ayala-led Intergrated Microelectronics Inc. (P3 billion) and Del Monte Pacific Limited (P93.5 million), as well as the P10-billion preferred shares offering of Petron Corp., among others.
Sicat said that follow-on offerings take up the bulk of the P128 billion capital funds raised.
Should all the planned IPOs push through within the year, Sicat said they will account for about 35 percent of the total funds sought to be raised.
Companies that listed on the stock market so far include the listing by way of introduction of Trans-Asia Petroleum Corp., Top Frontier Investment Holdings Inc., and the IPOs of Double Dragon Properties Corp and Century Pacific Food Inc. The PSE said earlier said a total of 10 firms are seen going public in 2014.