PSE chief expects at least 4 IPOs in 2024

Local bourse operator the Philippine Stock Exchange, Inc. (PSE) expects at least four initial public offerings (IPOs) next year, its top official said.

“As of now, we have about four big IPOs in line (for next year),” PSE President and Chief Executive Officer Ramon S. Monzon said during the BusinessWorld Forecast 2024 economic forum at the Grand Hyatt Manila in Taguig City on Wednesday.

The PSE had earlier targeted 14 IPOs for 2023, but only three IPOs were conducted this year. Renewable energy holding firm Alternergy Holdings Corp. held its IPO in March, followed by IT-product retailer Upson International Corp. in April, and renewable energy developer Repower Energy Development Corp. in July.   

Mr. Monzon hinted that the PSE is eagerly anticipating a big IPO of a real estate investment trust (REIT) next year.

“Next year, we are… hopeful that the biggest REIT IPO will finally take place. We’ve been talking to them,” he said.

The Sy-led SM Prime Holdings, Inc. earlier planned to raise around $1 billion by listing its REIT this year.

However, SM Prime in August decided to defer what could have been the largest REIT offering in the country until market conditions improve, citing headwinds such as high interest rates and elevated inflation.

Mr. Monzon told BusinessWorld that he expects companies in the mining, industrial, and food sectors to push through with their IPO next year.

“We have one from mining. We have another one with Lucio Co and his industrial warehouses, and we have a food company that wants to list,” he said.

Mr. Monzon confirmed that Australian-Canadian mining firm OceanaGold is planning to list its local unit, OceanaGold Philippines, Inc. (OGPI), as required under its 25-year Financial or Technical Assistance Agreement (FTAA) with the Philippine government.    

OGPI is engaged in the operation of the Didipio gold and copper mine in Nueva Vizcaya. OceanaGold announced in July 2021 that its FTAA with the government had been renewed.   

In July, Mr. Monzon disclosed that Mr. Co’s Cosco Capital was preparing for a REIT IPO worth as much as PHP 30 billion before the end of the year. The planned REIT IPO has a portfolio that includes industrial land.

“There were many companies that deferred their IPOs for next year,” Mr. Monzon said.

Several companies have pushed back their planned IPOs to 2024. This includes Citicore Renewable Energy, property developer Ovialand, Inc., and Razon-led Prime Infrastructure Capital, Inc.   

This year, several companies delisted from the local bourse, namely Metro Pacific Investments Corp., Eagle Cement Corp., Unioil Resources & Holdings Co., Inc., and PICOP Resources, Inc.

The tally of delisted companies is set to increase with the upcoming delisting of construction material supplier Holcim Philippines, Inc. on Nov. 27. — By Revin Mikhael D. Ochave, Reporter