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In the banner year of 2021, capital raising on the Philippine stock exchange could exceed $4 billion.
At the Philippine Stock Exchange, a trader takes orders over the phone. Reuters is the source of this information.
Reuters, 2 July 2021
According to the president of the bourse operator, capital raising activities in the Philippines’ stock market are likely to reach over $4 billion this year as a flurry of companies make their public debuts to fund expansion.
The bourse, which has been a regional laggard in the past, is projected to become Southeast Asia’s largest market for initial public offers (IPOs) this year, thanks to consumer enterprises and newly created real estate investment trusts (REITs).
In the first half, the exchange operator raised 122.46 billion pesos ($2.49 billion) in capital through IPOs and the sale of existing shares, exceeding the 104 billion pesos raised for the full 2020.
The money raised this year would likely approach the record 228.33 billion pesos ($4.6 billion) raised in 2012, according to Philippine Stock Exchange Inc President and CEO Ramon Monzon, who spoke at a press conference.
“As a result of the pandemic, debt financing, which was previously inexpensive, became more difficult as banks tightened their lending standards,” Monzon explained.
The introduction of REITs, which are property corporations that pay monthly dividends, is another major driver, he continued.
Monde Nissin Corp’s $1 billion IPO, the Philippines’ largest-ever listing, was completed in June, as was DDMP REIT Inc’s $302 million share sale in March.
Del Monte Philippines Inc filed for an IPO in April that may raise up to 44.1 billion pesos, while Megaworld Corp’s REIT unit is planning an IPO that could raise up to 27.3 billion pesos.
The Philippines’ broader index is down 2.2 percent year to far, trailing just Malaysia as the region’s poorest performer.
Reuters
Stock Exchange of the Philippines
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