5 stock market debuts seen in 2025

MANILA, Philippines — Up to five companies may brave the stock market this year despite its current weakness, with the index expected to rebound on the back of an anticipated policy rate cut and improved consumer spending.

Wendy Estacio-Cruz, research head at Unicapital, told reporters during a media briefing on Thursday that the Philippine Stock Exchange Inc. would likely target P120 billion in capital raised from initial public offerings (IPOs), up from around P80 billion in 2024.

According to Cruz, three to five companies are optimistic about launching their IPOs this year despite volatility.

“The sectors we’re looking at [are] mostly utilities, telco, and financials like GCash,” Cruz said.

READ: More MSMEs out to brave IPO mart

The stock market debut of the Ayala-backed e-wallet platform is the most anticipated IPO of the year, especially with valuation pegged at around P465 billion, meaning it will have to raise at least P90 billion.

This will exceed record holder Monde Nissin’s P56 billion raised in 2021.

At the same time, Cruz said Maynilad Water Services Inc. may move its IPO next year.

Maynilad originally planned to go public this year, although it has yet to disclose further details, including an updated timeline.

Ramoncito Fernandez, Maynilad president and CEO, said last November they were already talking to banks. The company is likewise banking on foreign investors to chip in during the IPO, which has yet to be priced.

Under its concession agreement with the national government, Maynilad needs to offer at least 30 percent of its shares to the public in or before January 2027.

Index target

Meanwhile, Unicapital sees the benchmark Philippine Stock Exchange Index reaching 7,800 by the end of the year, implying a 20-percent climb from its end-2024 level.

This is on the back of expectations that earnings of Philippine corporations will grow by an average of 10 percent this year.  —Meg J. Adonis