October 19, 1995
PSE LISTING CIRCULAR NO. 495-95
SUBJECT : New Rules and Policies on IPOs and Listing Applications
EXECUTIVE SUMMARY
The following are the new Exchange Rules and Policies on Initial Public Offering and Listing Applications approved and adopted by the Board of Governors:
1. Listing Committee
The Listing Committee shall now have the power to approve the listing applications for stock dividends. cdlex
2. Offering Period
a. Offering periods can be indicated but cannot be reserved at the Listing Committee level. Only upon the Board of Governor's approval can the offering dates be considered reserved for the applicant.
b. Gaps between Offering Dates:
| Combined IPO Size of 2 Consecutive Issues | Gaps between Offer Dates |
| Not Exceeding P1B | 1 trading day |
| Over P1B to P5B | 3 trading days |
| Over P5B to P10B | 7 trading days |
| Over P10B | 10 trading days |
3. Offering Price (Secondary Board Listing)
The offer price of the shares applied for listing in the Secondary Board shall be the prerogative of the issuer but in no case shall it exceed the issuer's latest Net Asset Value (NAV) per share, which shall be determined immediately before the filing of...
