Just looked up the PSE requirements re listing ( IPO )PSE listing requirements as detailed below.The BIG issue is that TVIRD need to generate a profit ( $1,750,000 CAD ) for 3 years. Operating History Requirement Three (3) years of engaging in materially the same business Board of Directors Requirement Minimum of seven (7) directors, two (2) of which or 20% of the board have to be independent, and each director should have at least one (1) share in his name Profit Test A.) Cumulative net income, excluding non –recurring items, of at least Php75 million for three (3) full fiscal years immediately preceding the application for listing; AND B.) Minimum net income of Php50 million for the most recent fiscal year For this purpose, the Applicant Company shall submit to the Exchange audited consolidated financial statements for the last three (3) full fiscal years preceding the filing of the application. The financial statements must be accompanied by an unqualified external auditor’s opinion. Stockholders’ Equity Requirement Stockholders’ equity must be at least Php500 million for the most recent fiscal year Minimum Number of Stockholders upon Listing At least 1000 stockholders, each owning stocks equivalent to at least one (1) board lot Minimum Public Offering 20% upon and after listing