Wednesday August 5 2020
News Source: Global Exchanges
Focus: Listing Rules
Type: General
Country: Philippines
Link: https://bit.ly/2XuZIWG
On 3rd August 2020, the Philippine Stock Exchange (PSE) announced that the Securities and Exchange Commission (“SEC”) approved the PSE Guidelines on Minimum Public Ownership Requirement for Initial and Backdoor Listings (the “PSE Guidelines”).
The following are the salient points of the PSE Guidelines:
- A company applying for initial listing through an initial public offering (“IPO”) is required to have a minimum public offer size of 20% to 33% of its outstanding capital stock post-IPO, as follows:
| Market Capitalization | Public Offer |
| Not exceeding P500M | 33% or P50M, whichever is higher |
| Over P500M to P1B | 25% or P100M, whichever is higher |
| Over P1B | 20% or P250M, whichever is higher |
The company must always maintain a public ownership level of at least 20% at all times after initial listing.
- A company applying for listing by way of introduction is required to have at least 20% public float upon and after listing.
- A company doing a backdoor listing is required to have at least 20% public float upon and after listing.
Click on the above link for further information.
