The Philippine Stock Exchange expects capital raising to reach P200 billion this year, replicating last year’s record-high level, as good valuations are seen to encourage more companies to raise fresh equity.
To date, seven to 10 companies are scheduled to conduct either an initial public offering or listing by introduction, PSE president Hans Sicat said during the Philippine Investment Forum on Tuesday.
Rizal Commercial Banking Corp. is continuing its capital build-up program by selling at least $100 million worth of equity through a top-up offering.
The local stock market attracted P109.98 billion in net foreign buying last year, nearly double the P56.52 billion a year ago, as the Philippine economy outperformed expectations despite global economic uncertainties.
Capital raising at the Philippine Stock Exchange reached a record high P174.97 billion in the first nine months, as the upbeat investor sentiment encouraged a number of companies to either go public or widen public ownership.
Conglomerate San Miguel Corp. is entering the final stretch of its retail offering of preferred shares worth as much as P80 billion this week, with growing interest for the issue, according to bankers familiar with the deal.
San Miguel Corp. is embarking on the biggest capital-raising event in the local stock market with a retail offering of preferred shares worth as much as P80 billion this August, harnessing the cash-awash financial system to replace costly preferred shares issued three years ago.
