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Philippines SEC Eases Free-Float Rules for Large IPOs

  • 3 hours ago
  • 1 min read
Philippines IPO free-float rules


The Philippine Securities and Exchange Commission has eased IPO free-float rules for large listings, introducing a tiered public ownership framework aimed at unlocking mega-IPOs as the market struggles to absorb big deals.


Under SEC Memorandum Circular No. 11, issuers expecting market capitalisation above PHP50bn (USD890m) at listing must sell at least 15% to the public, subject to a minimum offer size of PHP10bn, versus the previous flat 20% requirement.


For firms valued at PHP200bn or more, the exchange may endorse a lower float, but not below 12%, a move the regulator said is proportionate and market-aligned, reshaping Philippines IPO free-float rules.


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