SSI Group books covered ahead of IPO

A revised deal and more attractive valuation has resonated well with institutional investors ahead of SSI's IPO, which could net the Philippines retailer up to $166 million.

Books were covered quickly for the IPO of Philippines retailer SSI Group, which aims to raise up to $166 million this month in what would be the country’s largest flotation this year.

The revised deal the retailer dropped the price range to P7 to P7.50 per share from the P12.50 per share initially appears to be resonating well with institutional investors, according to a banker close to the deal, who said it was covered just hours after books opened on the first day.

“People generally think the valuation is reasonable, plus there’s very strong interest in the consumer retail sector in Southeast Asia generally,” the banker told...

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