{
  "id": 8057475,
  "title": "What are IPOs’ ‘up to’?",
  "url": "https://urgent.news/2026/09/17/what-are-ipos-up-to",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-17T16:00:00.000Z",
  "source": {
    "name": "Philippine Star Business",
    "slug": "philippine-star-business",
    "url": "https://www.philstar.com/business/2026/09/18/2556994/what-are-ipos-up-to"
  },
  "original_language": "en",
  "account": "An initial public offering (IPO) involves a series of stages to determine if investors are prepared to participate. The final offer price is determined through a bookbuilding and price-discovery process that takes into account investor demand and market conditions. However, there has been public confusion regarding the \"up to\" price in listing applications, as demonstrated by the recent criticism about the P10 share price for Mynt Inc.'s upcoming IPO. Ramon Monzon, PSE president and CEO, clarified that this figure is merely the maximum cap and starting point for the underwriters' bookbuilding process, not the final IPO price. Historical data over the past three years has shown that final IPO prices settle at an average 28.3 percent discount to the \"up to\" price in registration and listing applications, meaning the \"up to price\" rarely becomes the actual IPO price. Recent examples include Maynilad Water Services Inc.'s IPO, which was approved at a P20 per share offer price but had a final price of P15 per share, and Top Line Business Development Corp.'s IPO, priced at P0.31 per share, lower than the maximum offer price of P0.38 each. Mynt Inc.'s IPO is expected to have a price range of P7.50 to P8.50 per share, below the maximum P10 offer price in the company's prospectus. IPO valuation is crucial for listed companies, leading them to pursue efficiency optimization, share buyback programs, or delisting in response to market undervaluation. Monzon emphasized that delistings should be minimized, and the PSE's delisting rate is currently the lowest among ASEAN stock exchanges, at 0.7 percent as of July 2026.",
  "summary": "There are several stages on the road to an initial public offering to gauge if investors are feeling up to it.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}