CORPORATE capital raising will likely not top P200 billion next year unless the listing of SM Prime Holdings Inc.’s real estate investment trust (REIT) pushes through, the Philippine Stock Exchange, Inc. (PSE) chief said last week.

“We cannot hit 200 [billion pesos],” PSE President and Chief Executive Officer Ramon Monzon told reporters in Filipino last Friday.

“That depends on whether SM Prime REIT will continue, because it is big. Expect that to be about a billion dollars (approximately P55 billion).”

Monzon, who also said that the capital raising target for next year was yet to be finalized, added that the launch of the Sy-led property developer’s REIT would be the country’s biggest initial public offering on record.

For this year, at least P105 billion is expected to have been raised, well below the P160 billion targeted at the start of 2023.

The PSE in January said that it expected at least 14 firms to make their public debuts but just three firms — Alternergy Holdings Corp., Upson International Corp., and Repower Energy Development Corp. — have conducted initial public offerings to date.

In the first three quarters of 2023, the PSE booked a 19.9-percent growth in consolidated net income to P575.65 million from P480.07 million a year ago due to higher investment returns.

Investment income from January to September swung to a positive P128.76 million, reversing the P116.3 million net loss incurred a year earlier, the bourse reported.

Meanwhile, total operating revenues during the period were said to have dipped by 8.7 percent to P1.1 billion from P1.2 billion last year.

Listing and trading contributed the largest share of total operating revenues, at 39.8 percent and 30.7 percent, respectively. This was followed by other revenues (12.7 percent), market data (11.5 percent) and technology (5.3 percent).

The PSE owns 20.98 percent of Philippine Dealing System Holdings Corp. and 80 percent of Premier Software Enterprise Inc. Its wholly-owned subsidiaries consist of the Securities Clearing Corp. of the Philippines and the Capital Markets Integrity Corp.

PSE shares closed up by P1.00, or 0.59 percent, at P171 apiece last Friday.