Watch out for fintech IPOs in 2026–Citi

The Philippine equity market is expected to remain stable in 2026 with select initial public offerings (IPO), particularly in the financial technology (fintech) sector, according to Citi’s Asia South Investment Banking outlook.

Despite historically lower trading liquidity compared with larger Asean markets, the Philippines’ equity capital markets (ECM) have shown steady growth in recent years.

Citi noted that last year’s ECM activity reached around $1 billion, marking incremental gains over the past three years.

“Transactions like Maynilad Water’s recent raise, which traded very well, signal positive momentum,” Rob Chan, head of ECM Syndicate for Asia, said.

“We are also watching potential IPOs in the fintech space, likely in the second half of the year, which could further boost ECM activity,” Chan said.

International investors continue to focus on large-cap, high-profile companies within each sector, where liquidity is relatively higher.

Citi said conglomerates such as San Miguel Corp. and the Ayala Group are exploring funding opportunities. Meanwhile, the sovereign debt market will set the overall tone for corporate borrowing.

In notable event-driven developments, Citi is closely monitoring Jollibee’s potential US listing of a portion of its assets, which could attract additional foreign interest.

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Looking at sector trends, energy deals dominated 2025, but Citi believes fintech and other growth-oriented businesses may lead investor attention in 2026.

Meanwhile, Citi said the Philippine peso market remains robust, giving issuers flexibility to raise funds in either local or foreign currency.

“While trading liquidity remains a key consideration for international investors, strong IPOs and growth businesses can increase global focus on the Philippines,” Chan said.