While applications for public listings continue to be processed at the Philippine Stock Exchange (PSE), some firms may be considering delaying their stock offerings due to weaker sentiment as a result of recent events in Greece and the United States.

PSE chairman Hans Sicat said “we should get people moving. The fact that my banking friends are trying to get clients excited, it can only be positive (for public offerings).”

However, Sicat noted that “the one thing that we did not expect is the issue of Greece and the follow on effects of that. And even the recent nervousness in the US has made them a little bit (shaky).”

He explained that companies planning to go public would naturally want to get a certain price multiple for their shares and this may not match the price bankers are willing to underwrite.

Sicat said though that the PSE continues to process pending applications for listing and the bourse’s regulatory personnel are going through the requirements submitted.

While Sicat declined to disclose the number and the names of the applicants prior to the approval of the respective listing, he allowed that there are around five prospective stock offers in the pipeline.

Prior to the national elections, the PSE was expecting at least six initial public offerings this year, compared to just a small one last year, as well as two follow-on offerings from firms that listed by way of introduction in 2009.

Sicat said then that there are several firms that are just waiting for the conclusion of next week’s national elections before finalizing plans for their stock sales.

Expected IPOs are those that have been shelved until after the elections such as the P22.4-billion maiden offering of Gokongwei airline Cebu Air Inc. and the P2.2 billion to P3.9-billion IPO of real estate developer Globe Asiatique Realty Holdings Corporation.

However, Cebu Air president Lance Gokongwei had told reporters that the airline is not sure if it will do its IPO this year as current market conditions are not yet ripe.

Mandated to conduct follow-on offerings this year are Agrinurture Inc. which had a May 25 deadline and Century Peak Metals Holdings Corporation which must sell new shares by October 6, 2010.