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MANILA, Philippines – The Philippine Stock Exchange (PSE) is proposing a sweeping overhaul of its minimum public ownership (MPO) rules, including lower public float requirements for large initial public offerings (IPOs), as regulators move to make the local equities market more competitive and attractive to issuers.
In a consultation paper, the PSE said the proposed revisions would align its rules with the Securities and Exchange Commission’s (SEC) Memorandum Circular No. 11, Series of 2026, which introduced a tiered MPO framework based on a company’s expected market capitalization at listing.
Under the proposal, companies planning IPOs with a market capitalization of not more than P500 million would need a minimum public float of 33 percent.
Those valued at over P500 million up to P1 billion would be required to maintain a 25-percent float, subject to a minimum offer size of P165 million.
