As global headwinds keep the Philippine initial public offering (IPO) market quiet in 2024–2025, companies and investors alike are treading carefully. Yet opportunities remain in sectors such as infrastructure, energy, healthcare, education, consumer, financial, and tech-enabled services.
According to Unicapital, Inc., IPO success in this environment depends less on chasing fleeting market conditions and more on early, disciplined preparation — because the real race is won long before the bell rings. “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, Inc. “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.”
The Five Pillars of IPO Readiness
As a trusted partner in finance and investment banking, Unicapital identifies five critical areas that companies must strengthen to be truly IPO-ready:
Class A Audited Financial Statements – At least three consecutive years of audited financial statements by an SEC-accredited Class A auditor are required. Transparent, compliant, and reliable financials build the investor trust needed for listing.
Business Model Scalability and Sector Outlook – A compelling equity story must showcase growth prospects, sustainable competitive advantage, and the people to execute the company’s growth plans. Companies often struggle to unify diverse business units or family-owned subsidiaries into one cohesive narrative, but they can turn to firms like Unicapital for expert guidance in navigating this process.
Regulatory Compliance and Legal Structure – Moving from family-run enterprises to publicly accountable corporations requires discipline, institutionalized processes, and closing governance gaps. Independent directors and committees, check and balance systems, and transparent policies are vital to align with public company standards.
Capital Structure and Shareholder Alignment – Complex or fragmented ownership structures create uncertainty. Streamlining capital structures, dividend policies, and shareholder agreements enhance investor confidence and eases due diligence.
Investor Relations Capabilities – Beyond compliance, companies must actively build visibility and engagement. Clear and consistent communication of the company’s identity, strategic strengths and long-term vision builds trust and puts you on the radar screen of potential investors.
Without these pillars in place, companies risk delays. Unicapital helps clients prepare for life as a PSE-listed company by providing timely and expert advice on simplifying ownership, aligning shareholder interests, and strengthening internal governance; ensuring not just compliance with listing and corporate governance standards but also a compelling story that would resonate with investors.
Building for the Public Company Standard
Going public is not the finish line but the start of a new chapter. Public companies face elevated standards once listed, and Unicapital helps guide clients’ enterprise systems, internal controls, and leadership, assisting them in meeting the demands of investor engagement.
To prepare effectively, Unicapital recommends forming a cross-functional IPO task force at least 12–18 months before the target listing, with clear accountability for legal, finance, governance, and investor relations. Early collaboration with vital stakeholders, paired with a clear roadmap and communication plan, sets the stage for smooth execution.
Unicapital’s support goes beyond listing day through its key group companies: Unicapital Inc. offers expert financial advisory, treasury, and fixed income services; Unicapital Finance and Investments backs companies with tailored financing and loans via its ULoan brand; and Unicapital Securities provides robust stock brokerage solutions through the UTrade online platform. Together, they deliver comprehensive guidance, insightful market education, and value-added services that help companies navigate the IPO journey with confidence and build lasting credibility in the capital markets.
Many of the Philippines’ oldest and most successful publicly listed companies have grown from family businesses that started decades ago. While family enterprises account for about 80% of Philippine companies; globally, only a small percentage survive beyond the fourth generation. Those that do endure share a common thread, which is the ability to balance legacy with strong corporate governance, building lasting market trust and growth.
“Listing is just the beginning,” said Victoriano. “What matters is building a legacy that thrives beyond IPO day, and that starts with strong governance, a clear growth story, and the right team.”
