PSE targets 14 IPOs for 2023

THE Philippine Stock Exchange (PSE) is targeting 14 initial public offerings (IPOs) for the year, expressing its optimism for the year of the Water Rabbit.

The potential listing applicants include 11 companies and real estate investment trust that will list on the main board and the remaining three are firms that are expected to debut on the small, medium and emerging board.

“We have a bullish outlook for IPOs since we expect improving macroeconomic indicators to enhance investor sentiment,” said PSE president and chief executive officer Ramon Monzon, in a statement. “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,” he said.

The PSE expects capital raising to hit P160 billion this year.

The PSE index closed 2022 at 6,566.39 points, down by 0.15 points or 0.002 percent. Its main index decreased by 7.8 percent.

Daily average value turnover for the year was at P7.30 billion, down by 18.9 percent from 2021’s P9 billion average.

The market registered P67.95 billion worth of net foreign selling versus the P2.75 billion net foreign selling in 2021.

For 2022, total capital raised from primary and secondary shares amounted to P110.29 billion, 53 percent lower than the P234.48 billion raised in the previous year.

Despite the lower capital raised figure, the PSE had nine IPOs in 2022, the most number of IPOs in a single year since 2007, or 15 years ago. Other capital-raising activities conducted last year included one listing by way of introduction, five stock rights offerings and 12 private placements in 2022. / KOC