THE Philippine Stock Exchange (PSE) has temporarily cut the minimum public float required for companies looking to conduct an initial public offering (IPO) to 15 percent from 20 percent in a bid to encourage more firms to go public.
PSE President and CEO Ramon Monzon on Wednesday said that he had secured Securities and Exchange Commission approval for the reduction, which will only run for two years. Companies that stage IPOs will still have to conduct follow-on offering to raise their public float to 20 percent.
