The Philippines Stock Exchange approved three initial public offerings worth P26.6 billion as companies continue to raise funds through the stock market amid volatile market conditions.
The approved IPOs were those of construction firms D.M. Wenceslao & Associates Inc. (P21.7 billion) and Datem Inc. (P4.65 billion) and property developer Italpinas Development Corp (P242 million).
The three companies all plan to list their with the PSE net month.
Italpinas will be the first among the three companies to conduct the offering, according to a posting on the PSE Web site.
Italpinas scheduled the offering period from Nov. 23 to Nov. 27 and tentatively set the listing on Dec. 7.
Italpinas is selling 57.622 million shares at a price of up to P4.20 apiece.
Datem set its offering period from Nov. 24 to Dec. 1 and the listing date tentatively on Dec. 8.
Datem is offering 286.12 million shares plus 42.92 million shares to cover over-allotment at a price of up to P14.15 apiece.
Datem will have public float of 15 percent and a market capitalization of P27 billion after the initial offering.
D.M. Wenceslao scheduled its public offering from Dec. 4 to Dec. 10 and the listing date tentatively on Dec. 17.
D.M. Wenceslao is offering 429.17 million primary shares plus 64.375 million in over-allotment option shares at a price of up to P44 apiece.
The exchange so far has approved six IPOs this year, still below the target of 10.
Two—Crown Asia Chemicals and SBS Corp.—have already been listed while Metro Retail Stores Group Inc. is currently in the midst of selling itsshares.
More IPO applications are still pending with the exchange. These are Philstocks Financial Inc., Gweilo Corp., Philippine Primark Properties, TVI Resource Development (Philippines) Inc. and Pointwest Technologies Corp.
The PSE earlier said expected another P100 billion worth of capital-raising activities through the equities market over the near-term period.
The fund-raising activities will primarily come from initial public and other follow-on offerings.
“Another P100 billion capital raising is in the visible pipeline coming from 3 to 5 IPOs and other follow-on capital raising activities,” the PSE said.
Among the big deals in the pipeline are the P33.5-billion preferred shares offering of San Miguel Corp. snd the IPO of D.M. Wenceslao & Associates Inc.
Three bite-size IPOs are also pending with corporate regulators, namely
The PSE earlier projected capital raising activities through the stock market to hit P200 billion next year, as companies would likely continue to raise funds to finance expansion plans.
Capital raised through the exchange as of end Aug. 15 amounted to P105 billion, slightly lower than the P105.18 billion posted in the same period a year ago. Private placements and stock rights offerings accounted for the bulk of the funds raised through the equities market so far this year.