Cases & Deals

SSI Group completes IPO on Philippine Stock Exchange

Clients SSI Group, Inc.

Jones Day advised SSI Group, Inc., a leading specialty retailer in the Philippines, in connection with its PHP 7.4 billion (US$166 million) initial public offering on the Philippine Stock Exchange.

This was the first ever Philippine IPO with a cornerstone tranche and also the first equity deal with Philippine cornerstone investors, namely the state-owned pension fund, Government Service Insurance System and one of the largest banks in the Philippines, the Bank of the Philippine Islands, acting through its Asset Management and Trust Group. Other cornerstone investors included international funds such as Capital Research, Havenport Asset Management, York Capital, and Macquarie Funds. The cornerstone commitment from such institutional investors marks another first for a Philippine IPO.

In December 2014, it was recognized as the "Capital Markets Deal of the Year" for the Philippines by International Financing Review Asia (“IFR Asia”).  IFR Asia’s annual awards honors outstanding achievement and performance, awarding the most impressive deals in 2014 and the institutions that have best delivered on their chosen strategy across Asia’s financing markets.