Fuel distributor keen on listing despite Philippines IPO climate in limbo

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April 13, 2026 | 12:00am

MANILA, Philippines — The country’s initial public offering (IPO) scene is again in limbo as risks from the Middle East crisis have led some aspirants to rethink their plans for the year.

A fuel distributor in Luzon, however, is looking to brave headwinds and possibly proceed with its market debut this 2026, with hopes of raising less than P1 billion.

“On the IPO market, we’re talking to our clients but everybody is recalibrating because of course, the market is bad,” BDO Capital & Investment Corp. president Eduardo Francisco told The STAR.

“Earlier, we were hoping to have at least five IPOs, but with the looks of it, with the current situation, if we can do one or two I’ll be happy with it,” he said.

Only two IPOs were conducted last year courtesy of Top Line Business Development Corp. and Maynilad Water Services. Inc.– lower than the six IPOs targeted by the Philippine Stock Exchange (PSE) for 2025.

Francisco said those they are working on for an IPO are still looking to push through, but “it’s just a matter of timing.”

“We’re still prepared. We have those who are already in the process last year but just moved back. And then we might move it back again,” he said.

“But at least the good news is on the fixed income side, and even hybrid. Hybrid includes preferred shares, which remains strong. So that continues. It’s really just the plain vanilla common shares that are being adjusted since pricing of those are quite hard. Our project finance remains strong and then hopefully there would be more renewable energy projects also which is good for energy security,” he said.

Investment and Capital Corp. of the Philippines (ICCP) president and COO Manny Ocampo, for his part, said “everyone is assessing at this time” given recent developments brought about by the Middle East conflict.

Ocampo earlier this year said ICCP is looking at four companies in the IPO pipeline, doubling the number of the two listings seen last year, with companies from sectors such as construction, retail and renewable energy expected to tap the market.

Despite current market conditions, a source familiar with the matter told The STAR that a fuel distributor in Luzon catering to institutional clients is proceeding with its preparations for a potential IPO this year.

“They’re more like how Top Line started and then the IPO will help them expand. They’ve taken over already on a long term lease some of the depots of Phoenix. So we’ll see,” the source, who requested anonymity, said.

The company is targeting to list in the PSE’s small, medium and emerging board, with plans of raising less than P1 billion.

“We are actually getting them ready. It takes time but hopefully the AFS (audited financial statements) come out soon,” the source said.