INITIAL PUBLIC OFFERINGS (IPOs) could come by the second half of 2025 amid uncertainties posed by the administration of United States President Donald J. Trump and the May 12 local midterm polls, according to the Investment & Capital Corporation of the Philippines (ICCP).
“I think many will come by the second half because in the first half, I think everybody is still trying to understand the Trump presidency. You have the May elections coming up,” ICCP Senior Managing Director Jesus Mariano P. Ocampo told reporters on the sidelines of an event in Makati City last week.
For 2025, the Philippine Stock Exchange (PSE) is eyeing six IPOs.
Mr. Ocampo said it is possible for the PSE to meet its IPO target this year.
“We know of four (possible IPOs) already,” he said, without providing specifics.
Cebu-based fuel retailer Top Line Business Development Corp. (Topline) is expected to be the first company to conduct an IPO this year.
The company selected ICCP and PNB Capital and Investment Corp. as the joint lead underwriters and joint bookrunners for the offer.
On Jan. 22, the company said it is eyeing a listing on the local bourse by the second quarter after lowering the size of its IPO.
Topline reduced the size of its planned IPO to around P900 million from the previous P3.16 billion after talks with potential institutional investors.
Its IPO now comprises up to 2.15 billion primary common shares with an overallotment option of up to 214.84 million secondary shares, priced at up to 38 centavos per share. Its public float will be around 22%, assuming the full exercise of the overallotment option.
Topline is engaged in commercial fuel trading, depot operations, and retail fuel in the Visayas region. — Revin Mikhael D. Ochave