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Philippines stock exchange raises 2023 IPO target to 20

The Philippine Stock Exchange (PSE) has raised its target of new company listings to 20 in 2023 from 11 this year. PSE President and Chief Executive Officer Ramon S. Monzon said if they have 11 this year, there’s no reason why they cannot target 20 next year. The PSE had a record number of initial public offerings (IPOs) in 1994 when 21 companies made their stock market debut. Monzon said he is looking forward to the potential IPO of major companies, particularly payment platforms, like GCash and PayMaya. Also, the PSE is hoping to add more than nine million new investors with its partnership with GCash, wherein subscribers can use the mobile payment platform to invest in the stock market. Globe Fintech Innovations, Inc., which operates GCash, earlier said it would consider an IPO only after it expands its services.


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