THE Philippine initial public offering (IPO) market is expected to stay subdued through 2025 amid lingering global uncertainties, cautious investors and tighter liquidity conditions.
But investment house Unicapital, Inc. said that despite the quiet environment, disciplined preparation and strong governance could position local firms to take advantage once market sentiment improves.
“An IPO isn’t just a financial decision, it’s a transformation of your business,” said Pamela Victoriano, senior vice president for Investment Banking at Unicapital. “By focusing on internal readiness and laying strategic groundwork during market slowdowns, companies can position themselves to seize the moment and maximize valuations as opportunities arise.”
Opportunities
Unicapital said that while the pipeline for new listings has slowed, opportunities remain in high-growth sectors such as infrastructure, energy, healthcare, education, consumer goods, financial services and technology-enabled industries. These areas are expected to benefit from the country’s expanding middle class, digital transformation and ongoing public infrastructure spending.
The firm outlined five “pillars of IPO readiness” that companies must strengthen to achieve a successful public debut. These include maintaining at least three consecutive years of Class A audited financial statements, developing a scalable business model with a compelling equity story and ensuring full regulatory compliance with corporate governance standards. Firms are also urged to streamline ownership and capital structures and establish proactive investor relations functions that communicate the company’s long-term vision and growth plans.
Unicapital noted that many Philippine firms — especially family-owned enterprises — struggle to unify diverse business units, formalize governance systems and meet the transparency required of listed companies.
Recommendations
“Companies that treat the IPO process as a business transformation, not just a financing event, will stand out once the window reopens,” Victoriano said.
To prepare effectively, Unicapital recommends forming a cross-functional IPO task force 12 to 18 months before the target listing. The team should have clear accountability across legal, finance, governance and investor relations functions, supported by a roadmap that guides decision-making and communication.
Unicapital offers financial advisory through Unicapital Inc., corporate lending via Unicapital Finance and Investments, and stock brokerage through Unicapital Securities’ UTrade platform.
“Listing is just the beginning,” Victoriano said. “What matters is building a legacy that thrives beyond IPO day — one grounded in strong governance, a clear growth story, and the right team.” / KOC