PSE targets 8 IPOs in 2017

Local bourse operator Philippine Stock Exchange Inc. (PSE) wants to double this  year last year's four initial public offerings (IPO), according to its top officials Friday.

“We are targeting eight IPOs for this year,” PSE Chief Operating Officer Roel Refran said in a briefing Friday.

For his part, PSE President and Chief Executive Officer Hans Sicat expressed optimism for 2017 despite the recent volatility in the equities market.

“If you look at the count of issues in the pipeline, we’re gonna have a pretty robust year,” Sicat said, referring to the companies that plan to go public within the year.

“We will have two to three IPOs in the first quarter,” the local bourse chief added, without identifying the companies.

So far Xeleb Inc., AudioWav, Cebu Landmasters, and Wilcon Depot Inc. have expressed plans to be listed in the PSE.

Moreover, Refran said the PSE is aiming to raise from P177 billion to P200 billion capital from IPOs, stock rights offerings, follow-on offerings, and private placement activities.

"We are hoping that we will be able to reach the P200 billion [target]," he said. "If you look at the funds flow, we are seeing that outflows are still there especially the foreign."

"Foreign players comprised 49 percent of the market, so we are looking at the 51 percent, which is the domestic, to pick up," he added.

Despite the market volatility in 2016, PSE’s net income increased by 3 percent to P701.54 million from P682.81 million in 2015, on the back of IPOs and additional share sales.  —KBK, GMA News