The Philippine Stock Exchange (PSE) expects total capital raised on the bourse to surpass ₱200 billion this year, driven by the wave of large-scale corporate offerings led by fintech giant Mynt, the parent company of mobile wallet GCash.

Ramon S. Monzon, PSE president and chief executive officer, said that total projected capital generation for 2026 has reached approximately ₱204 billion based on current applications.

Monzon’s updated forecast comfortably beats the optimistic target of ₱170 billion established by PSE at the start of the year.

The local bourse secured about ₱39.4 billion in the first half of the year, supported by two private placements alongside follow-on offerings of preferred shares. A heavily back-half-loaded pipeline is expected to drive the remaining volume.

Among the pending transactions is a ₱92.3 billion application from GCash, which stands as the year's marquee domestic listing. Digital infrastructure firm Vitro has filed for a ₱24.2 billion transaction, while conglomerate San Miguel Corp. is seeking ₱30 billion through a follow-on offering of preferred shares.

The pipeline also includes an unconventional ₱9 billion listing of preferred shares by an unlisted entity, alongside a separate ₱4 billion private placement of preferred shares.

The ₱9 billion transaction represents a structural first for the local market, marking the initial instance where a company without listed common equity is seeking a technical listing for its preferred shares via private placement rather than a public offering, Monzon noted.

Meanwhile, the exchange’s headline capital target excludes PNB Holdings Corp., given that its listing by way of introduction generates no immediate fresh capital or public stock float.

Looking ahead to 2027, the PSE is tracking at least four initial public offerings. Monzon indicated that discussions are actively underway regarding a potential merger between the tollway units of San Miguel Corp. and Metro Pacific Investments Corp., an entity that would likely approach the public markets to raise fresh capital post-consolidation.

Furthermore, four corporate participants under the PSE’s Listing Engagement and Assistance Program—a dedicated incubation initiative for prospective issuers—are positioned to execute their respective IPOs next year.

Market officials are also anticipating renewed issuance from real estate investment trusts. The Securities and Exchange Commission recently broadened the scope of the local REIT framework to allow infrastructure and other recurring, income-generating assets to be packaged into the yield-bearing instruments.