BDO Capital Investments Corp. said it expects six companies to hold Initial public offerings (IPOs) in 2024 with a total value of over P100 billion.
BDO Capital president Eduardo Francisco said in a recent interview these IPOs, including SM Prime Holdings Inc’s planned real estate investment trust (REIT) offering, would likely proceed next year or as soon as interest rates start going down.
“I’m more optimistic [on IPOs] because I am now starting to see rates going down, and when rates fall down.. that is the first signal we are ready for an IPO,” Francisco said.
Francisco said IPOs that were initially scheduled in 2023 could happen in the second half 2024, when rates are expected to start declining.
Aside from SM REIT, which could be worth $1 billion, other firms filed IPO applications this year and were just waiting for market conditions to improve include Prime Infrastructure Capital of businessman Enrique Razon Jr. (P33 billion), Citicore Renewable Energy Corp. of Megawide Construction Corp. (P10 billion) and mining firm Oceana Gold.
Restaurant chain Wildflour is also reportedly looking at listing with the Philippine Stock Exchange.
BDO Capital is the investment banking arm of BDO Unibank Inc.