Small-cap Filipino IPOs pack a punch

Investors seeking access to the Philippines' consumer story may need to punt on smaller IPOs, some of which have recently really packed a punch.

Small-cap Filipino IPOs pack a punch
Filipino world champion professional boxer Manny Pacquiao in action

While the Philippine Stock Exchange logged some hefty equity placements last year, all of the initial public offerings were in the small- to mid-cap space. There were a total of five IPOs during 2014 with an average size of just $63 million.

Foreign investors don’t usually play in this end of the market and most of the deals in 2014 were marketed and allocated solely to domestic buyers. Only SSI Group, a high-end retailer,...

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