Listing Application Process – The Philippine Stock Exchange, Inc.

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Listing Application Process

Ways To Go Public

Initial Public Offering (IPO)

A private company with a profitable track record raises capital by offering its shares to public investors.
Distribution or offer to sell new shares and/or existing shares of a company to the general public.

Listing by Way of Introduction

Private company applies for listing of securities that are already issued or securities that will be issued upon listing.
No public offering is undertaken prior to initial listing either because the company’s securities are already deemed publicly held, or when listing is mandated by law, the SEC, or other government agencies.
Public offering after listing may be required for specific applicants.

Listing Process

Appoint Key Parties
Conduct the due diligence review
Undertake corporate and/or capital restructuring activities
Valuation of the company’s shares
Preparation of audited financial statements
Preparation of the prospectus
Preparation of applications with SEC and PSE
Preparation of requisite agreements

File the Registration Statement with the SEC
File the Listing Application with the PSE

Evaluation of Registration Statement by the SEC
Evaluation of Listing Application by the PSE
Issuance of and replies to comment letters
Ocular Inspection
Company Presentations
Release of SEC Pre-effective Letter
Approval of the PSE Board of Directors

Securing anchor and cornerstone investors
Presentation of the offering to potential investors
Analyst briefings
Finalization of the offer price

Distribution of selling materials
Subscription of trading participants
Subscription of local small investors

Consolidation of sales reports
Remittance of offer proceeds to the custodian bank
Refund check payments of rejected applications
Lodgment of shares with the PDTC
Payment of fees of key parties from the offer proceeds

Listing Ceremony
Shares of issue begin
trading publicly

Process Timeline

Activity						Week
Filing	01	02	03	04	05	06	07	08	09	10	11	12
Registration of Securities
Listing Application with PSE
Processing and Evaluation	01	02	03	04	05	06	07	08	09	10	11	12
SEC Review
PSE Review
SEC Pre-effective Clearance
SEC Permit to Sell and PSE Approval
Offering and Sale of Shares	01	02	03	04	05	06	07	08	09	10	11	12
Roadshow Presentation
Book-Building
Offer Period
Listing

*The timeline reflects the process of a complete and correct application. Actual timeline may vary depending on the completeness and correctness of the application, the speed of reply to comment letters, and underwriter’s discretion on the length of roadshows and book-building. The timeline likewise excludes pre-filing processes such as the conduct of due diligence by the underwriters, etc. Please note that the timetable above reflects a pre-pandemic scenario.

Ways To Go Public

Initial Public Offering (IPO)

Listing by Way of Introduction

Listing Process

Process Timeline

pse business INquIries

PSE is ready to assist you with any inquiries you may have. Just leave us a message.

Website user experience

We'd love to know your thoughts on the new PSE website. Your opinion matters and will be used to improve your PSE website experience.

Your overall satisfaction of the new PSE website:

Areas of Improvement

Send us a message

Got any questions or feedback? We’re here to listen!

Ways To Go Public

Initial Public Offering (IPO)​

Listing by Way of Introduction

Listing Process

Process Timeline

pse business INquIries

PSE is ready to assist you with any inquiries you may have. Just leave us a message.

Website user experience

We'd love to know your thoughts on the new PSE website. Your opinion matters and will be used to improve your PSE website experience.

Your overall satisfaction of the new PSE website:

Areas of Improvement

Send us a message

Got any questions or feedback? We’re here to listen!

Initial Public Offering (IPO)