The Philippine Stock Exchange, Inc. (PSE) is looking forward to seven public stock offerings worth a total of P48.36 billion that will be launched in September and in the last quarter this year.

“In terms of listing, our fund raising pipeline at this time includes five FOOs (follow-on offerings), one SRO (stock rights offering) and one IPO (initial public offering), which will generate up to P48.36 billion in capital,” PSE President and CEO Ramon S. Monzon said.

Of the five FOOs, three are expected to proceed in September while the IPO, SRO and remaining FOOs are tentatively scheduled in the fourth quarter.

Meanwhile, the PSE reported 4.7 percent decline in its net income to P398.02 million in the first six months of 2024 from P417.51 million in the same period last year.

In a statement, the bourse said its operating revenues were lower by 2.3 percent at P722.75 million in the first semester of the year.

The decline in operating revenues was attributed by the PSE to the 10.7 percent dip in average trading value during the semester, which reduced the income from service fees by P16.20 million and transaction fees by P9.07 million.

A 33.6 percent growth in data revenue helped partially offset the decrease in revenues.

Listing-related revenues were up by 0.2 percent year-on-year as listing fees increased to P290.98 million from P290.32 million.

From January to June 2024, two companies conducted their initial public offerings, three listed firms had their follow-on offerings, one listed company did a stock rights offering, and three companies listed their shares issued via private placement transactions.

Meanwhile, other income grew by 20.0 percent to P161.98 million from P134.97 million in the first half of 2023 due to interest income and forex translation gains.

The growth was tempered by the P2.57 million mark-to-market loss on fair value of investments in financial assets, a reversal from the P1.06 million gain in the same period last year.

Total expenses rose by 9.4 percent to P416.13 million from P380.50 million.

“Persistent high interest rates and geopolitical concerns contributed to tepid trading in the first half,” said Monzon.

He added that, “We hope to see more active trading for the rest of the year on expectations of a rate cut and the record first half earnings of banks and other listed firms.”

“PSE continues to pursue projects that will sustain the company’s growth over the years. This includes the planned acquisition of the Philippine Dealing System Holdings Corp., which we target to complete in the next few months,” Monzon said.