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(Bloomberg) — A number of “mega” initial public offerings will drive fundraising to a standout year on the Philippines Stock Exchange, Chief Executive Officer Ramon Monzon said.
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Fintech firm GCash is on track for an IPO, while rival Maya will debut in the market and a data center operator is also planning to list, Monzon said, without specifying the company. There are also large listing candidates in the renewable energy and mining industries, he said, without naming them.
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“The regulator and the PSE have been working together to try to get more listings on the exchange,” Monzon said in an interview on Bloomberg TV. The bourse is targeting 170 billion pesos ($2.85 billion) of capital raising this year, he added, which would be the highest since 2021, according to data compiled by Bloomberg.
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Fundraising on the Manila exchange has been on the upswing, along with a pickup in dealmaking across Asia, after a more lackluster deal flow earlier this decade. The broader stock index is down 0.5% year-to-date, in line with Southeast Asian peers after years of underperformance. While the war in Iran has impacted markets around the world, Monzon said the bourse’s targets remain unchanged.
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“There is some untapped value,” he said. “If there is some imminent resolution or cease-fire, I think foreign investors will start coming back into the market.”
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For 2027 and beyond, the stock exchange is looking to fuel dealmaking by encouraging smaller businesses to tap the capital markets, Monzon said. The PSE is close to introducing short selling, derivatives, and global depositary receipts to entice more investors, he said.
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