GCash, Vitro seen ending PH IPO drought
The Philippines missed Southeast Asia’s initial public offering (IPO) rebound in the first half of 2026, with no companies going public even as the region more than doubled the amount of capital raised from stock market debuts, according to Deloitte.
The global advisory firm said in its latest report that the Philippine market remained subdued as issuers weighed valuation expectations, dilution concerns and evolving public float requirements.
Still, it said the country’s IPO pipeline could gain fresh momentum with the expected listings of Mynt Inc., the parent of GCash and PLDT’s Vitro data center REIT.
Stephen Sieh, Deloitte Philippines’ strategy, risk and transactions leader, said a Mynt listing would become the country’s biggest IPO on record, while Vitro’s debut would introduce the Philippines’ first data center REIT.
“These developments have the potential to reignite domestic and foreign investor interest in the PSE (Philippine Stock Exchange) and set the tone for a more active listing environment ahead,” Sieh said.
The upbeat outlook comes even as the Philippines was one of the few Southeast Asian markets that failed to produce an IPO during the January-to-June period.
Across the region, Deloitte counted 47 IPOs that raised more than $3.07 billion, up 117 percent from the same period last year despite an 11-percent decline in the number of listings.
“The Southeast Asia IPO market in the first half of 2026 has shown a resilient but transitioning performance, characterized by a clear divergence between deal volume and capital raised,” Tay Hwee Ling, capital markets services leader, Deloitte Southeast Asia, said.
Total IPO market capitalization also nearly doubled to $15.07 billion, as investors favored fewer but significantly larger offerings.
The report pointed to three blockbuster IPOs—Singapore’s UI Boustead REIT, Malaysia’s Sunway Healthcare Holdings Berhad and Vietnam’s Dien May Xanh Investment Joint Stock Company—that each raised more than $500 million, a feat not seen in the first half of 2025.
The deals underscored what Deloitte described as a shift toward “quality over quantity” in Southeast Asia’s capital markets.
Malaysia led the region with $1.34 billion in IPO proceeds, followed by Singapore, which overtook Indonesia after landing the $754-million UI Boustead REIT listing.
Vietnam also emerged as a standout performer, rebounding from zero IPOs a year ago to four listings that gave it the region’s largest IPO market capitalization.
The consumer and real estate sectors remained the biggest fundraising industries.
For the Philippines, Deloitte said reforms could help improve the listing environment.
It cited the PSE’s proposal to adopt a tiered Minimum Public Ownership framework that would align public float requirements with a company’s expected market capitalization while preserving liquidity and investor protection.
