Large fund exodus spoils PSE’s 2023 as delistings overwhelm IPOs

Voluntary delistings are set to overtake initial public offerings (IPOs) in 2023 after cement giant Holcim Philippines exits the Philippine Stock Exchange (PSE) later this month, contributing to a P300-billion market value exodus for the year.

Holcim Philippines’ voluntary delisting will take place on Nov. 27 after its petition was approved by the PSE.

This follows similar exits made by three other companies: tycoon Manuel V. Pangilinan-led Metro Pacific Investments Corp., which delisted on Oct. 9; Sy-led 2GO Group Inc., which delisted on July 17; and billionaire Ramon Ang’s Eagle Cement, which delisted last Feb. 28. At the same time, three firms with a combined market value of P13.1 billion went public in 2023. These were Alternergy Holdings Corp., Upson International Corp. and Repower Energy Development Corp.

There are currently 284 firms listed on the PSE with a total market value of about P16 trillion.

Concerns over weak trading volumes at the exchange also coincided with lower interest in new listings as big-ticket IPOs were pushed back to 2024.

PSE chief operating officer Roel Refran said last week the exchange could narrowly miss its capital raising target for 2023 after large firms like tycoon Enrique Razon Jr.’s Prime Infrastructure Capital Inc. delayed its P33-billion IPO.

Other firms that have postponed IPOs were the Sy family’s P55-billion property real estate investment trust and tycoon Edgar Saavedra’s Citicore Renewable Energy Corp.

Capital raised at the PSE at end-Sept. reached nearly P92 billion, which was about 60 percent of the bourse’s full-year target, based on data from the exchange. INQ

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HOLCIM FOLLOWS EXIT OF 3 OTHER COMPANIES

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