PSE expects robust capital raising in 2026

MANILA, Philippines — A robust capital raising pipeline is on the horizon for the Philippine Stock Exchange (PSE), with its full year 2026 target expected to be exceeded by about 20 percent.

Based on applications received to date, PSE president and CEO Ramon Monzon said forthcoming listings before the year ends are seen to raise an additional P133.7 billion.

“Combined with the P69.4 billion raise during the first half, projected capital raising for the year now stands at P203.13 billion, approximately 20 percent higher, or above our initial target of P170 billion,” Monzon said.

Monzon said the pipeline includes the planned initial public offering (IPO) of Vitro REIT worth around P24.19 billion and Globe Fintech Innovations Inc. or Mynt, the parent company of GCash, worth around P92.31 billion.

Also included are follow-on offering by Arthaland Corp. (P3 billion), private placements by SteelAsia (P9 billion) and EEI Corp. (P4 billion), as well as a stock rights offering by LFM Properties Corp. (P1.2 billion).

The planned listing by way of introduction of PNB Holdings Corp., meanwhile, is expected to add approximately P56 billion to total market capitalization at the PSE.

“When we started the year, prior to the Israel-US attack on Iran, we had projected a capital raising of P170 billion for 2026, higher than the P128 billion we raised in 2025. We did not waver in our commitment despite the volatility caused by the Iran war,” Monzon said.

“And that paid off because we expect to close the year with about P203.1 billion of capital raising, propelled primarily by the big IPO of Mynt and Vitro. So we expect these two IPOs for the year, and we have one listing by way of introduction, which is the PNB Holdings scheduled for September this year,” he said.

Monzon said companies would continue to need capital and they would continue to raise them in the equities market.

“Sometimes these efforts are postponed because of the volatility of the market, but inevitably, they will have to come back and raise capital from the equities market. They cannot be financing their operations purely on debt,” Monzon said.

“So while we cannot control external factors like the geopolitical problems, or even domestic problems, as an exchange, I think our mission is to make sure that our market remains number one, up-to-date in its technology. Two, continue to find ways to make it easier for companies to list, introduce more products so that we can attract more retail investors and make sure that we have a deeper capital market,” he said.