PSE tops capital-raise goal; pipeline hits P204B

The Philippine capital market is poised for its biggest fundraising year yet, with the Philippine Stock Exchange (PSE) already projecting to have significantly topped its original target of P170 billion for 2026.

Speaking to reporters, PSE president and CEO Ramon Monzon said the exchange had exceeded its goal based on listing applications and fundraising activities already in the pipeline.

“Our projected capital raising for 2026, as of this date, based on the applications that we have received, is about P204 billion,” Monzon said.

The figure marks a sharp jump from the P142 billion raised in 2024 and the P170-billion target for this year, which Monzon admitted some market observers initially viewed as overly optimistic.

The PSE had raised about P39.4 billion in the first half alone from two private placements and several preferred share offerings.

The pipeline is expected to get a major boost from the planned P24.2-billion initial public offering (IPO) of data center REIT operator Vitro REIT and the proposed P92.3-billion IPO of fintech giant Mynt, the operator of GCash.

The latter could become the country’s largest public offering on record if fully subscribed and if the over-allotment option is exercised.

Additional fundraising activities include a planned P30-billion preferred share offering by San Miguel Corp. (SMC), a P9-billion preferred share listing by an unlisted company and another P4-billion private placement of preferred shares.

Monzon said the strong lineup could signal improving sentiment in the local capital market after a difficult start to the year marked by geopolitical tensions in the Middle East and concerns over government spending issues.

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For 2027, Monzon said the exchange was already seeing early signs of another active fundraising year.

Among the developments he is watching closely are discussions involving the possible merger of the toll road businesses of San Miguel and Metro Pacific, which could eventually lead to another major capital-raising exercise.

The PSE is also working with four companies under its Listing Engagement and Assistance Program, which provides guidance to firms preparing for public offerings.

Monzon said these companies were regularly meeting with the exchange and could be ready to launch their IPOs next year.