Retail investors can now buy IPO shares via mobile app
Retail investors can now buy their initial public offering (IPO) shares via a mobile app as part of Philippine Stock Exchange’s (PSE) efforts to boost stock market activity.
The PSE said in a statement that it launched the mobile app for the PSE Electronic Allocation System (PSE EASy). The online platform was launched in June to make IPOs more accessible to so-called local small investors (LSI), whose allocations were capped at P100,000 per individual.
“We are pleased to provide investors a more accessible way to subscribe to IPOs. After a one-time registration on the PSE EASy website, LSIs can use the app to subscribe to shares whenever there is an IPO,” PSE president Ramon S. Monzon said in a statement.
The PSE EASy mobile app may be used for LSI subscriptions during the IPO of food and beverage kiosk operator Fruitas Holdings Inc., which starts today, Nov. 18.
The PSE recorded early results with the recent launch of the PSE EASy system.
It said this allowed investors from more than 60 provinces and close to 20 countries to subscribe to the IPOs conducted between August through October this year. These were Kepwealth Property Phils Inc., Axelum Resources Corp. and AllHome Corp.
The bourse is tapping digital solutions as it hopes to lure a new generation of investors in the stock market.
Younger Filipinos are already starting to park some money in equities. The most telling figure was that investors aged 18 to 29 comprised 21.5 percent of account holders last year from 16.2 percent in 2017. Total accounts last year hit 1.08 million, an increase of 25 percent.
The app may be downloaded through Google Play for Android users. The mobile app for iOS users is coming.—MIGUEL R. CAMUS