The Philippine Securities and Exchange Commission published a statement reaffirming that companies applying for an initial public offering must meet the 20% minimum public float requirement, while confirming it may grant exemptive relief to permit an initial 15% public float under strict conditions. The minimum public ownership framework is set out in SEC Memorandum Circular No. 13, Series of 2017, which increased the IPO public float threshold from 10% to 20%. Exemptive relief is available only where an issuer can bridge the gap to the 20% standard in less than 24 months from the listing date and only as deemed necessary by the Commission; it covers listing applications already filed with and accepted by both the SEC and the Philippine Stock Exchange. As of March 25, 2025, the SEC and the Philippine Stock Exchange had not received any applications for this regulatory relief.
Philippine Securities and Exchange Commission 2025-03-27
Philippine Securities and Exchange Commission reaffirms 20% IPO public float requirement and allows limited 15% exemptive relief with a 24-month catch-up
The Philippine Securities and Exchange Commission reaffirmed that companies seeking an initial public offering must meet a 20% minimum public float requirement, with potential exemptive relief for a 15% float under strict conditions. This relief is contingent on bridging the gap to 20% within 24 months and applies to applications already accepted by the SEC and the Philippine Stock Exchange. As of March 25, 2025, no applications for relief had been received.