Philippine Stock Exchange Inc. has launched the mobile application of the PSE Electronic Allocation System, a web-based subscription platform for local small investors planning to subscribe to initial public offerings.
“We are pleased to provide investors a more accessible way to subscribe to IPOs. After a one-time registration on the PSE EASy website, LSIs can use the app to subscribe to shares whenever there is an IPO,” said PSE president and chief executive Ramon Monzon.
Launched in June, PSE EASy was introduced to increase participation in IPOs among LSIs and expand the reach of the program.
Only investors based in Metro Manila have access to LSI kiosks. The shift to an online platform enabled investors from over 60 provinces and close to 20 countries to subscribe to the IPOs conducted between August and October this year.
“For now, the website and app are for subscription purposes of IPOs only. We hope to maximize this digital solution to incorporate a payment facility and to utilize the platform for other types of offerings,” Monzon added.
The PSE EASy mobile app may already be used for LSI subscriptions during the IPO of food and beverage kiosk operator Fruitas Holdings Inc., which starts today.
The PSE EASy app may be downloaded through Google Play for Android users. The mobile app for iOS users will soon be available in the Apple Store.
Prior to the launch of PSE EASy, investors who want to subscribe to LSI shares during IPOs had to personally go to the designated kiosks in the PSE office or select Metro Manila malls or present the required identification cards to obtain a share subscription form.
They must also fill out the form and personally bring it to the office of their stockbroker for acknowledgment, and bring the form back to the kiosk to make payment.
The tedious requirements have discouraged a lot of small investors from buying IPOs, especially since the maximum amount they could subscribe to at that time was limited to just P25,000.
With PSE EASy, after a one-time online registration process, LSIs may subscribe to IPO shares whenever a company debuts in the stock market.
The PSE also increased the maximum limit for an LSI to P100,000.