Insider Spotlight
The Philippine Stock Exchange (PSE) is hoping for more breathing room between the country’s two biggest upcoming stock market debuts, saying better timing would benefit investors and issuers raising money.
As the timetable stands, PLDT-backed VITRO REIT investors will still be waiting for trading to begin when GCash operator Mynt kicks off its own offer period. That makes it harder for some investors hoping to participate in both offerings.
PSE president and CEO Ramon S. Monzon said he raised the concern with one of the deal advisors.
“I’ve talked to their underwriter advisor and just sounded him off on that. So I don’t know what’s going to happen next,” Monzon said in a recent interview.
VITRO REIT is aiming to raise up to P24.2 billion before listing on Oct. 12.
Meanwhile, GCash parent Mynt will market a much larger, up to P92.3-billion share sale from Oct. 5 to Oct. 9 ahead of its planned Oct. 19 debut.
The offer periods do not overlap, but the issue is when investors’ money gets locked up.
An investor who commits money to Vitro cannot trade those shares until Oct. 12, after Mynt’s offer period closes on Oct. 9.
“It would be really good for the market if they’re spaced appropriately,” Monzon said.
The stated prices are maximum values that often come down after underwriters gauge investor demand before setting the final offer price.
Still, at the indicative prices, the two deals would account for more than half of the projected P204 billion in equity fundraising this year.
That is well above the P170 billion target the PSE had projected at the start of 2026.
“That’s a very good sign for the exchange,” Monzon said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
