With more IPOs, PSE pegs P160 billion new capital inflow

MANILA, Philippines — The Philippine Stock Exchange (PSE) is optimistic it will hit its P160-billion capital-raising target this year, with more companies expected to go public and surpass the P110 billion new capital raised in 2022.

PSE president and CEO Ramon Monzon said the local bourse expects 14 initial public offerings (IPOs) this year compared to only nine in 2022.

“That’s our fearless target. We hope to raise P160 billion for 2023,” he told The STAR.

Of the 14 companies, 11 will be listed on the main board and at least three on the SME Board. Monzon said one or two may be REITs or real estate investment trusts.

Aside from the expected 14 IPOs, Monzon also hopes to see some surprise listings or those not yet included in the pipeline expected to go public this year.

Monzon mentioned Bounty Fresh and Magnolia, for instance.

He said it would be good for the stock market and the public if the two companies would list.

Bounty Fresh has said going public is one of its options while San Miguel Corp. has not indicated a listing option for its Magnolia unit.

Tennyson Chen, chairman of BFG Holding company of Bounty Fresh’s Chooks-to-Go, said as part of prudent fiscal planning, the company is always on the lookout for opportunities to improve and maximize shareholder value and there are a variety of options that may or may not include an IPO, depending on various factors.

Another company Monzon hopes will return to the market is North Star Meat Merchants.

“I hope to see them back. It’s a good company,” he said.

Among the companies slated to list is Upson International Corp. (Upson), a retailer of personal computers and other tech gadgets, with a planned P4.88-billion IPO tentatively set for March 16.

Another company set to list in the market in the first quarter is Alternergy Holdings, a renewable energy company  targeting to list on March 24 for a P1.87-billion offering.

Enrique Razon’s Prime Infrastructure Capital Inc. (Prime Infra), meanwhile, is looking to proceed with its planned P28-billion IPO in June.

Eighty percent of the company’s revenue comes from listed Manila Water Inc., now led by Razon after acquiring a controlling stake in the water distribution utility company from the Ayala Group.