Philippines conglomerate SM Investments has floated on the Manila Stock Exchange, selling 115 million shares for Ps28.75 billion (US$528 million) in what is the largest ever offering on the local exchange and the biggest in Asia so far this year.
Macquarie and BDO Capital priced the deal. Of the total shares sold, 80% went to overseas investors in pre-trading allocation. Bankers and lawyers involved with the deal saw it as a highly positive sign for regional equity markets that have yet to recover fully from the 1997 Asian financial crisis.
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