Philippines equity: investors gush forth

The Philippine''s first internationally targeted IPO since 1997 attracts strong demand as international roadshows begin for the country''s largest ever IPO.

Manila Water has priced the international portion of its IPO at the top end of the price range after attracting a very strong order book. The 745.3 million share deal was priced over the weekend at Ps6.5 per share, netting the Ayala-controlled company Ps5.35 billion $97.8 million pre greenshoe.

The international portion will account for two thirds of the overall deal post greenshoe, with the fixed price retail subscription period scheduled to run this week ahead of listing on March 18. UBS ran the international books, with BPI overseeing the domestic offering.

At Ps6.5 per share, the deal has been valued at 10.3 times 2005 earnings on...

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