The international law firm Milbank, Tweed, Hadley & McCloy has recently advised on the successful initial public offering of SSI Group, Inc (SSI).
Milbank advised BPI Capital Corporation, Credit Suisse and HSBC, as joint global coordinators and bookrunners, on the approximately US$144 million initial reopening of SSI, the Philippines’ leading specialty retailer.
SSI is a leader in the Philippine specialty retailing market in terms of size, breadth and store footprint, with a portfolio of 103 international retailer brands as of June 30, 2014. SSI’s extensive brand profile comprises apparel and accessories, footwear and home furnishings and food and beverage, across the luxury, fast fashion and casual market segments. SSI also has interests in convenience stores throughout Metro Manila.
The transaction was also the first initial public offering from the Philippines featuring a significant corenerstone investor tranche. Over 30% of the shares sold in the offering were subscribed to by notable Philippine and international investors.
Global securities partner James Grandolfo commented, “we are delighted to act on the only international IPO our of the Philippines in 2014. Although the number of international equity offerings out of the the Philippines has been limited in 2014, this transaction underscores the improving profile of Philippine issuers in the international capital markets and, as specifically demonstrated by the singificant corenerstone demand, the growing confidence of large instituitional investors in the Philippine growth story.”
The Milbank team for the transaction was led from Hong Kong by partner James Grandolfo and counsel Paul Pery, with support from associates Adam Heyd and York Wu.
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