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ICCP: 6 target IPOs in 2025 achievable

Richmond Mercurio - The Philippine Star
ICCP: 6 target IPOs in 2025 achievable
ICCP senior managing director Manny Ocampo said the Philippine Stock Exchange’s target of six IPOs for 2025 appears achievable.
STAR / File

MANILA, Philippines — The country’s initial public offering (IPO) scene is poised for a major recovery this year after a lackluster showing last year, with six public listings potentially happening over the next 12 months, according to investment house Investment & Capital Corp. of the Philippines (ICCP).

ICCP senior managing director Manny Ocampo said the Philippine Stock Exchange’s target of six IPOs for 2025 appears achievable.

“We know of maybe four already. Top Line is one. GCash is I think there. You might have another renewable energy going into the market if it pushes through and then another one in healthcare,” Ocampo said.

ICCP is the issue manager, joint lead underwriter and joint bookrunner in the proposed IPO of petroleum firm Top Line Business Development Corp.

Top Line’s IPO, supposed to be the fourth and last IPO for 2024, is now likely the first for 2025.

The Cebu-based fuel retailer, which is targeting to be listed on the PSE by the second quarter, aims  to raise up to P764.2 million in net proceeds from the IPO at an indicative offer price of up to P0.38 per share.

“We’re hoping for the listing to happen within March but we might slide it to April. That’s why we’re saying second quarter. The latest will be April,” Ocampo said.

Aside from Top Line, Ocampo said ICCP’s upcoming IPOs also include a company engaged in the retail business as well as another in IT solutions.

“Retail, we’re still working on it. It’s a fashion group. They carry names you’ll recognize. The offer size will be about P1 billion,” he said.

Ocampo said many of this year’s upcoming IPOs could come in by the second half.

“This first half I think everybody is still trying to understand the Trump presidency and you have the May elections coming up. So they would let that pass first,” Ocampo said.

“Market is still bad so a lot of people are not really rushing. GCash, I think, regardless of conditions, might push through,” he said.

Ocampo is hopeful that the massive GCash IPO would take place this year.

“It would be a fairly sizable IPO from our understanding. The company is well known so grassroots use of the app is there. We hope GCash will go there and hopefully things perk up again for our capital markets,” he said.

Other potential IPOs identified by ICCP include those of Maynilad, Metro Pacific Tollways, Wildflour and Cosco Capital REIT.

Last year, the PSE was targeting a total of six IPOs but only three companies conducted their maiden listings. These are OceanaGold (Philippines) Inc., Citicore Renewable Energy Corp. and NexGen Energy Corp.

The PSE said internal and external economic and geopolitical headwinds weighed on the market for most of the year, which in turn prompted IPO listing applicants to defer their public offering.

“Is there a right time to do an IPO? I wish there is a right time. If not now, when? That’s really the question. We’re already one month down in 2025,” PSE chief operating officer Roel Refran said.

“If you have aspirations bigger than your own families or your own selves, I don’t see why offering shares to the public with the right team would be dilutive for the value of your business. In terms of all stakeholders, it’s definitely value accretive. Everyone will have an upside potential, including the country,” he said.

PHILIPPINE STOCK EXCHANGE

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