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MANILA, Philippines– The Philippine Stock Exchange (PSE) is aiming for 14 initial public offerings (IPOs) in 2023, indicating its bullish outlook on the economy for the year despite fears of a recession in some major economies.
The PSE said the potential listing applicants include 11 companies and real estate investment trust or REIT sales that will mostly list on the main board. Three firms are expected to debut on the small, medium, and emerging board.
The PSE had nine IPOs in 2022, the most number of maiden offerings since 2007.
The record number of IPOs was made in 1994 when 21 companies went public.
Meanwhile, the local bourse operator expects capital raising to hit P160 billion. The 2023 capital raising calendar will kick off with the Stock Rights Offering of Aboitiz-led UnionBank this January.
In 2022, total capital raised from primary and secondary shares amounted to P110.29 billion, 53% lower than the P234.48 billion raised in 2021. It is also much lower than the target of P200 billion.
“The new year brings optimism and hope to us at the PSE. We look forward to more listings, higher trading volumes, and enhanced partnerships in the industry that will help expand our product and service offerings,” said PSE president and chief executive officer Ramon Monzon.
The PSE index closed at 6,586 on Tuesday, January 3, the first trading day in 2023, up by 0.3%.
In 2022, Philippine equities joined the global bloodbath, where the main index closed lower by 7.8%. –Rappler.com