SM Investments Sys the money

The Philippines'' largest ever IPO rides in on a wave of optimism towards the old pariah of Asia''s equity markets.

Sometimes a deal comes along that redefines a sector or a country and completely turns sentiment on its head. Yesterday SM Investments of the Philippines did just that, resolutely confirming that the Philippines is back from international equity no-mans land, with a deal that has broken all the records.

The deal priced at Ps250 a share, bang in the middle of the indicative range of Ps230-Ps270 a share. Selling 115 million shares, the IPO...

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