Southeast Asia IPO Landscape
Among its regional peers, the local stock market is significantly lagging behind in terms of IPO activity and total listed companies.
Indonesia
​
719 Listed Companies
50 IPOs in 2020
28 IPOs in 2021
Philippines
​
275 Listed Companies
3 IPOs in 2020
4 IPOs in 2021
Singapore
​
719 Listed Companies
11 IPOs in 2020
3 IPOs in 2021
Malaysia
​
947 Listed Companies
17 IPOs in 2020
15 IPOs in 2021
Vietnam
​
738 Listed Companies
0 IPOs in 2020
1 IPOs in 2021
Thailand
​
746 Listed Companies
28 IPOs in 2020
22 IPOs in 2021
Advantages of Going Public
Access to Capital
Publicity and Credibility
Secured Legacy
Disadvantages of Going Public
Regulatory Requirements
Time Consuming
Financial Transparency
New PSE Listing Rules
Must have
paid-up capital
of at least
Php 25 million
Minimum Capitalization
OLD RULE
ACS of Php 100 M or more, of which 25% must be subscribed and fully paid
Satisfy one of the following immediately prior to application:
-
Cumulative EBITDA of at least Php 15 M for 3 years excluding non-recurring items
-
Cumulative net sales/ operating revenues of at least Php 150 M for 3 years with 20% growth over the last 2 years
Profit and Valuation
OLD RULE
Applicant must fulfill both:
​
-
Cumulative EBITDA of at least Php 15 M for the last 3 years excluding non-recurring items
-
Positive EBITDA in 2 out of 3 years prior to the application, including the year that immediately precedes that
Must have an operating history of at least
2 years
Operating History
OLD RULE
Must have an operating history
of at least
3 years
IPO Tax Waived Under Bayanihan 2