MANILA, Philippines — The Philippine Stock Exchange (PSE)’s target of having six companies going public this year is still achievable, according to BDO Capital & Investment Corp. president Eduardo Francisco.
The PSE has set a target of six initial public offerings (IPO) and about P175 billion worth of capital to be raised for 2024.
A total of two companies have so far went public this year, with the third scheduled for listing on July 16.
NexGen is poised to become the country’s third IPO this year, following the successful market debuts of OceanaGold Philippines Inc. and Citicore Renewable Energy Corp.
“I think it’s still doable (three more IPOs for the year). We have more than three in the pipeline. That is for us alone,” Francisco said during the economic forum organized by the Economic Journalists Association of the Philippines and San Miguel Corp. yesterday.
According to Francisco, these potential IPOs should push through this year if market conditions are good.
“If not, then they may not proceed this year,” he said.
“There’s still some IPOs but then because rates are high, the demand is going to be not as strong so that might be on the back burner,” Francisco said.
Aside from the potential IPOs, Francisco said BDO Capital is also working on a lot of private equity deals at the moment.
“We just can’t disclose because they are not listed,” he said.
“In terms of the large corporates, bonds are continuing. We’ll have a few more. But the flavor in the next quarter would be preferred shares. We’re looking at four or five deals so that will be significant until September,” Francisco said.
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