PSE eyes tollway and REIT listings after Mynt’s record IPO

The Philippine Stock Exchange is seeking another major listing after GCash parent Mynt Inc. raised ₱60.9 billion through its initial public offering. PSE president and CEO Ramon Monzon identified tollway operators and real estate investment trusts as potential sources of future offerings.

Mynt’s IPO was the largest in the Philippine equities market, exceeding the record set by Monde Nissin Corp. in 2021. Speaking to ANC, Monzon said toll operators were interested in raising equity once the planned merger involving the tollway businesses of Metro Pacific Investments Corp. and San Miguel Corp. is finalised.

Monzon said the Securities and Exchange Commission’s expanded REIT coverage could bring listings involving toll roads and data centres. VITRO REIT, wholly owned by PLDT’s ePLDT Inc., has postponed its planned 2026 IPO until 2027. He described the delay as prudent given high interest rates and REITs’ sensitivity to yields.

A nearer-term prospect is Cebu-based Aznar Shipping Corp., which plans a December IPO that could raise up to ₱670 million. The proceeds would support expansion of its fleet, development of shipyard facilities and general corporate purposes.

Monzon said few other Philippine fintech companies were currently willing or ready to list, with many incubator companies still small. The exchange projects capital raising of ₱180 billion for the year.