THE Philippine Stock Exchange (PSE) has temporarily cut the minimum public float required for companies looking to conduct an initial public offering (IPO) to 15 percent from 20 percent in a bid to encourage more firms to go public.
THE Philippine Stock Exchange has temporarily cut the minimum public float required for companies looking to conduct an initial public offering to 15 percent from 20 percent in a bid to encourage more firms to go public. PSE President and CEO Ramon Monzon on Wednesday said that he had secured Securities and Exchange Commission approval for the reduction, which will only run for two years.
Monzon said that GCash 'is a different animal because for them it's not a question of having a difficult time offering the 20 percent.' 'They're saying it's too big for the market to absorb, so if they're going to get an exemptive relief for a lower public float, I don't think there will be a requirement to do a follow-on,' he added.
Public Float For Ipos Slashed To 15%
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