IPO pipeline seen to stay thin for remainder of 2025

DOMESTIC initial public offering (IPO) activity is expected to remain limited for the rest of the year amid uncertainties related to tariffs, according to analysts.

- By Revin Mikhael D. Ochave

Only three initial public offerings are expected to take place this year, which would be half of the Philippine Stock Exchange's (PSE) target of six, said DragonFi Securities, Inc. Equity Research Analyst Jarrod Leighton M. Tin in a Viber message.

Aside from the lone IPO so far — Cebu-based fuel distributor and retailer Top Line Business Development Corp. in April — Mr. Tin said two more companies could push through with their public listing plans this year, consisting of integrated resort operator Hann Holdings, Inc. and west zone water concessionaire Maynilad Water Services, Inc.

“The tepid IPO pipeline reflects a subdued market environment and lingering uncertainty over the US tariff policies, both of which continue to dampen investor appetite and discourage companies from listing. We believe IPO sentiment will likely remain muted under these conditions,” Mr. Tin said.