MANILA - The investment banking arm of Metrobank is participating in the initial public offering (IPO) of four companies that have a combined value of P50 billion.
On the sidelines of the PDS Annual Awards Night on Thursday, Roberto Juanchito Dispo, First Metro Investment Corp (FMIC) president, said the companies that intend to go public this year are in the financial, property, oil and petroleum sectors.
"We're the darling of the foreign investors. We have solid macroeconomic fundamentals. There is strong domestic liquidity. The market is liquid and investors are looking for yields and returns and the equity market is the best option," Dispo said.
He expects more maiden share sales and follow-on offerings to happen in the third and fourth quarters, contributing to another record year for the Philippine equity market.
This year, the Philippine Stock Exchange expects to match the record P219.07-billion raised in 2012 at the local bourse through IPOs, follow-on offerings, stock rights and private placements.
"As for bond issuances, there will be a lot of refinancing brought about by the new regulation of the Bureau of Internal Revenue taxing corporate notes structure. Most issuers are converting notes structure to bonds," Dispo said.
FMIC cornered 60.5 percent of the total capital market transactions amounting to P625.6 billion in 2012.
The investment bank grew its consolidated net income by 41 percent to hit P3.1 billion in 2012 from P2.2 billion a year ago, driven by higher contributions of its treasury, investment banking and investment advisory businesses.
It bagged the Cesar E.A. Virata Award for the Best Securities House for 2012-Investment House Category.
source: interaksyon.com
