Deloitte sees continued potential in Philippine IPOs

DESPITE only two local initial public offerings (IPOs) this year, the Philippine market raised substantial funds and remains poised for growth within Southeast Asia’s IPO landscape, according to global professional services firm Deloitte.

- 

“The Philippine market has actually shown quite consistent performance,” Deloitte Southeast Asia Capital Markets Services Leader Tay Hwee Ling said during a briefing on Tuesday.

“Year in, year out, we do see faster growth from the Philippines. So, the Philippine market as well — we do see potential,” she added.

While only two firms have listed on the Philippine Stock Exchange this year — Maynilad Water Services, Inc., which made its market debut on Nov. 7, and Top Line Business Development Corp., a fuel distributor and retailer in Cebu — total funds raised surged.

Maynilad’s IPO, priced at P15 per share, raised P34.3 billion in gross proceeds, making it the largest domestic listing since Monde Nissin Corp’s P48.6-billion offering in 2021.