The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Largest IPO in Asia floats

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.

Law firm Linklaters advised SM Investments alongside local firm Pacis & Reyes. Macquarie and BDO were advised by SyCip Salazar Hernandez & Gatmaitan.

Simon Davies, Linklaters' managing partner in Asia, said: "We view the Philippines as an exciting place to be right now. Particularly interesting is that its stock market is the best performing of any in Asia so far this year and there is talk of more of these types of deals in the pipeline.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree