PSE approves first stock offering for 2022

The Philippine Stock Exchange (PSE) has approved the initial public offering (IPO) of residential developer Haus Talk Inc. (HTI), which will serve as the stock market's first IPO next year.

"Haus Talk is one of the companies in PSE's handholding program for potential IPO listing applicants. We are pleased to see that their IPO journey will soon come into fruition," PSE President and Chief Executive Officer Ramon Monzon said in a statement over the weekend.

HTI eyes to offer up to 500 million primary shares priced at up to P1.50 apiece, which will be listed in the small, medium and emerging (SME) board of the exchange.

The company expects to raise up to P723.7 million to fund its land acquisition and project development and for general corporate purposes.

Offer period is expected to run from January 3 to 7, 2022, while final offer price will be determined on December 27 after its book building process.

PSE noted that they are guiding over 30 companies in their plans to go public under the handholding program, most of which are candidates for SME board listing.

"We have long wanted to grow the number of SMEs listed in the PSE. To achieve this, we relaxed our listing rules and beefed up the support we provide to potential listing applicants," Monzon said.

"We hope that the IPO of Haus Talk will set the tone for 2022 in encouraging other SMEs to consider raising capital through the stock market," he continued.

Source: TheManila Times