An IPO for Manila Water is set to provide an important test of investor sentiment towards the country's equity markets at a time when more than $1 billion in paper is expected. Of this amount, over $500 million could come from one deal alone - SM Investment Corp SMIC.
Manila Water began roadshows in the Philippines on Tuesday, ending a drought of IPO issuance since the Asian financial crisis of 1997. In the intervening years, there have only been about six equity deals of any kind topping the $50 million mark and just three, which were able to scrape past $100 million.
Issuers' willingness and ability...
