PSE eyes stronger IPO pipeline in 2024

MANILA -- The Philippine Stock Exchange (PSE) is looking forward to a stronger fundraising pipeline this year, after only a few companies made their initial public offerings in 2023, according to PSE President Ramon Monzon.

In 2023, only 3 companies made their PSE debut, well below the targetted 14.

At the same time, the local bourse saw 7 delistings.

• Philippine Stock Exchange announces changes to main index
• Metro Pacific formally files voluntary delisting with PSE

"It’s a very bad year for IPOs. You know we only raised about P4.3 billion in IPOs, compared to about P21 billion last year," the executive noted.

Monzon said he is urging companies not to underestimate the power of the public market.

"We’re telling them, 'You keep postponing or deferring your capital raising plans, waiting for the right market condition.' I say, if you’re waiting for the right market condition, that is not going to come."

"You have to make the market condition. I mean you know--if you feel your company’s good enough, it will break the market condition, it could reverse the market direction," he said.

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--ANC, 2 January 2024