The Philippines is expecting six initial public offerings (IPOs) in 2024 as capital markets may benefit from better economic conditions with an easing of inflation and lower interest rates, the head of Manila’s bourse said.
Philippine Stock Exchange President and CEO Ramon Monzon said capital markets fundraising could reach P175 billion in 2024, of which P40 billion would be in the form of IPOs. Among those planning to raise capital through the stock market is Citicore Renewable Energy Corp, one of the Philippines’ biggest solar power producers. The company has filed documents with regulators for a planned IPO.
Citicore plans to sell up to 3.335 billion shares, including an over-allotment option, at up to 3.88 pesos per share, to finance capital expenditures.In 2023, the PSE said, companies raised from primary and secondary shares a total P140.95 billion, 28 percent higher than the P110.29 billion raised in the previous year. The PSE saw three IPOs in 2023, while other capital raising activities included five follow on offerings, five stock rights offerings and 11 private placements.
