Maharlika mulls investing in IPOs
The Maharlika Investment Corp. (MIC) is weighing the possibility of taking up upcoming stock market offerings, its top officials said.
In an interview on Tuesday, MIC vice president for investments Kheed Ng said the state-run firm has looked at some initial public offerings (IPOs). But he noted that the process is difficult because management is tied up with investor meetings, limiting due diligence that MIC needs before investing.
“For us, [we are] making sure that we do the proper due diligence, take our time, make sure we go through everything and everything’s settled, before we make an investment,” Ng said.
He noted that while IPOs are under consideration, they are not high on MIC’s agenda.
Still, Ng said MIC is building a robust pipeline across sectors such as infrastructure, energy, mining, climate, social infrastructure, digital infrastructure, health care and agriculture. He said several investment deals are expected to materialize in the next six months.
“As you know, deals come and go. We are very excited about the pipeline. We think there’s a good chunk that will be going out next year, in the next six months,” Ng said.
MIC general counsel Paul Salanga said the firm was exercising prudence, highlighting the firm’s multilayered oversight and due diligence process.
“We are very careful, because we are very mindful that this is public funds that we are investing … it’s not just a matter of returns,” Salanga said.
“It’s quite important that there is a national development impact,” the lawyer added.
MIC’s tentative interest in public offerings comes as the local capital market experiences renewed momentum.
According to the Philippine Stock Exchange (PSE), capital-raising activity in 2025 could reach up to a total of P186.3 billion, significantly higher than previous years.
In April, Cebu-based fuel retailer Top Line Business Development Corp. raised about P732.6 million in what became the first IPO of the year.
The biggest debut of 2025 was delivered by Maynilad, which successfully raised P34.33 billion when it listed on the PSE in November.
Industry watchers say the interest in IPO activities reflect growing investor appetite and a steady rebound in confidence after a period of sluggish listings.
