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Virus wave obscures outlook for IPOs

 


In this photo illustration, the words Omicron COVID-19 are visible on a smartphone screen with a stock chart in the background. PHOTO BY PAVLO GONCHAR / SOPA IMAGES / SIPA USA VIA REUTERS

Through Keren Concepcion G. Valmonte, Journalist

THE RISE IN PROGRESS Coronavirus disease 2019 (COVID-19) infections in the country are a cloudthe outlook for an upcoming IPO.

This as residential developer Haus Talk, Inc. and Figaro Coffee Group, Inc. is expected to debut on the Philippine stock market this month.

COL Financial Group, Inc.’s chief technical analyst Juanis G. Barredo said the market took into account the latest wave of COVID-19 and the more hawkish stance of the US Federal Reserve, which may have contributed to the recent lackluster stock market volume.

IPOs during this time may not get the multiplier thffects they would have liked because demand levels would clearly be affected, he said in a Viber post on Friday.

This can lead to difficulties with registrations during this period as volume levels remain limited as we have two headwinds to deal with at the moment, he added, referring to the COVID-19 outbreak and the impending interest rate hikes in the United States.

The US Fed is expected to raise interest rates in March and start reducing holdings. There are concerns about a repeat of the so-called 2013 tantrum, which led to a large outflow of capitalflows from emerging markets such as the Philippines.

The Philippines is in the midst of another wave of COVID-19, with new daily cases reaching 28,707 on Sunday. Active cases reached 128,114 with an infection rate of 44%.

Analysts [would] keep an eye on the increase in COVID-19 cases in the country and how it canffect government policies on movement restrictions, Timson Securities, Inc. trader Darren Blaine T. Pangan said in a separate Viber post on Friday.

However, Chief Research Officer Cristina S. Ulang of First Metro Investment Corp. (FMIC) said the PSEi remains resilient and that will be the cushion for the next audience offuh.

The PSEi appears resilient above 7,000 due to the high vaccination rate and this will be the cushion for the IPO, keeping investors’ attention and interest in buying on the lows, Ms Ulang said in a statement. Viber message Friday.

The Philippine Stock Exchange, Inc. (PSE) has just had a banner year for fundraising activity. In 2021, to berms raised a record P 234.48 billion on the local exchange thanks to eight IPOs, 11 followed offshares, four subscription rights offers and eight private placements.

This year, Haus Talk is set to debut on the board of directors of small, medium and emerging (SME) PSE, tentatively set for January 17.

The Figaro Coffee Group, Inc. offer period begins Monday January 10 through January 14. The company will be listed under the ticker symbol FCG on the PSE Main Board on January 24.

San Miguel Corp. commercial bank, Citicore Energy REIT Corp. and CTS Global Equity Group, Inc. await regulatory approval for their IPOs.

Meanwhile, Balai ni Fruitas, Inc., North Star Meat Merchants, Inc. and Ovialand, Inc. have expressed interest in raising funds through the stock market this year.

The Villar Group is also considering launching its own real estate investment trust through Vista Land & Lifescapes, Inc. and small IPOs, depending on market conditions, for some of the its brands such as Coffee Project.

While each public offering can be seen as unique, market sentiment can also have an effect on investors eager to participate in IPOs and growth stories of existing issues on the local exchange, Pangan said.

FIGARO CONFIDENT
Meanwhile, Figaro chairman and director Justin T. Liu said he was not affected by the offer’s timeline, expressing confidence in the company’s brands and products.

Were not in the realm of market timing. We were really looking more for the long term, so we were looking to use that capital to grow our business, not really looking at what would happen to the shares on the opening day or the following week, Mr. Liu said during the opening day. an online investor conference.to befrom Jan 6.

Figaro plans to use the net proceeds of its IPO of 767.39 million pesos for the launch and renovation of stores, the expansion of the commissary, debt repayment and investments in digital infrastructure of the company.

Figaro and Camerton, Inc. have appointed PNB Securities, Inc. as the inventory stabilizer. PNB Securities can purchase up to 93.016 million ordinary shares of the institution offum for 75 centavos each within 30 days of signing up.

A stabilizer agent is hired for the sole purpose of preventing / minimizing the reduction in the market price of the shares, the Securities and Exchange Commission (SEC) noted in a document dated Jan. 4. The over-allotment is also not allowed to exceed 15% of the base number of shares sold by the issuer.

The initial stabilization action is directed to begin once the stock price falls below its initial offuh price. However, if the stock price falls further, the next trade will be lower than the initial stabilization price.

One of the latest IPOs last year, Medilines Distributors, Inc., fell 30% on its first trading day. The company run by Villar has not set up a stabilization fund for the offering.

The SEC ordered Le Figaro and PNB Securities to record all details of the stabilization transactions. Weekly disclosure of price stabilization activities during the 30 day period is required.

In addition, the SEC also ordered the company and the stabilizer to submit a report within 15 days of the end of its stabilization period.

Sources

1/ https://Google.com/

2/ https://www.bworldonline.com/virus-surge-clouds-outlook-for-ipos/

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