Philstocks hopeful on IPO bid this year

MANILA, Philippines - Philstocks Financial Inc., formerly Accord Capital Equities Corp., is still hopeful it can proceed with its planned initial public offering this year after securing the nod of the Securities and Exchange Commission, its chairman emeritus said.

“We’re still hoping to be included in the Philippine Stock Exchange board meeting on Dec. 9 so we can still undertake our IPO before the year ends since we have already obtained the SEC’s pre-effective clearance for the IPO,” Philstocks chairman emeritus Tony Herbosa told reporters yesterday.

The company is optimistic about its growth prospects as it continues to capture a bigger market with the growing number of millennials or the younger generation investing in the stock market.

Philstocks has been growing its online business with millennials accounting for the bulk of the growth.

According to Philstocks vice president Joseph Tarrobal, the accounts of those in the age bracket of 18 to 29 years old in Philstocks account for the lion’s share or 79 percent (5,772) of all online accounts.

“The most tech savvy generation would be the millennials. Born during the early 80’s to the late 90’s, millennials, of all the generations, are the ones who are able to maximize technological advances available today,” Tarrobal said.

He said Philstocks educates millennials to trade and make profit so they can do the things they want, like going on vacation, buying a fashionable shoe or maybe even just the liberty of creating trivial financial hashtags of achievements to tweet.

Should its listing push through this year, Philstocks will be the fourth company to go public in 2015.

To date, only three companies have listed on the exchange this year. These are Crown Asia, SBS Philippines and Metro Retail Stores Group.

Another IPO hopeful, Pointwest, is also hoping to list in the local bourse this year, its underwriter Security Bank said.

The firm’s  IPO application is still pending for the SEC approval.

Pointwest is a recognized IT company and was recently named best Filipino-owned  Company of the Year in the recent 9th International ICT awards.

 The company is hoping to raise at least P1 billion from its planned IPO.  Proceeds will be used for the company’s expansion.