PSE doubles 2025 capital raising target to P170 Billion amid market optimism

The Philippine Stock Exchange (PSE) has raised its capital raising goal for 2025 to P170 billion, up from its previous target of P120 billion, as improving investor sentiment boosts market activity. The upgraded forecast also doubles the P82.4 billion raised in 2024 — and notably excludes the highly anticipated GCash initial public offering (IPO).

“We expect this year to be a very, very high capital raising year. A very successful year for the PSE,” said PSE President and CEO Ramon S. Monzon during the PSE Star: Investor Day 2025 briefing.

The revised projection includes expected inflows from IPOs, follow-on offerings, stock rights offerings, and private placements. As of May 14, P42.42 billion had already been raised through one IPO, one follow-on offering, and five private placements.

Monzon highlighted an active pipeline of transactions, with around P122.81 billion expected from major offerings. These include Maynilad Water Services’ IPO, ACEN Corporation’s stock rights offering, and follow-on offerings from Ayala Corporation, Steniel Manufacturing Corporation, and Alliance Global Group Inc.

In the fixed-income market, new bond listings on the Philippine Dealing & Exchange Corporation — now under PSE’s control — reached P73.2 billion from issuers such as Alsons Consolidated Resources Inc., SM Prime Holdings Inc., DoubleDragon Corporation, and Filinvest Development Corporation.

The PSE is also anticipating the listing of the P5-billion BPI SINAG bonds (Supporting Inclusion, Nature and Growth) from Bank of the Philippine Islands.

Monzon’s outlook underscores growing investor confidence and a maturing market environment, setting the stage for a strong year for capital formation in the country.