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First Metro Investment cited as Best Equity House in the Philippines
7/9/2012

First Metro Investment Corporation has been chosen as the Best Equity House in the Philippines by Finance Asia Magazine in its 2012 Country Awards for Achievement.

First Metro Investment President Roberto Juanchito Dispo said, “This recognition is special for us, as this is the first time for First Metro to be cited as Best Equity House not only by the Hong Kong-based publication, Finance Asia, but also by any other award giving body. We are happy that our contribution in the Philippine equities market has now been recognized.”

First Metro was cited for its sizeable role in the equities market during the screening period which covered two of the most significant and successful IPOs recently in the local equities market - the Initial Public Offering (IPO) of Puregold Price Club, Inc. (Puregold) and GT Capital Holdings, Inc. (GT Capital).

First Metro Investment acted as one of the Domestic Lead Underwriters for Puregold’s P8.625 billion IPO which was the country’s biggest IPO in 2011. Approximately 83% of the offer was subscribed to by international investors, with the balance taken up by the domestic market. The IPO was successfully completed during the market’s worst weekly and quarterly performances in the last three years. Notwithstanding the global economic turmoil, investors bought into Puregold’s excellent growth prospects, proven track record and solid financial condition.

GT Capital’s P21.56 billion IPO is the country’s second largest IPO in history and First Metro Investment was on top of the transaction as Sole Domestic Coordinator, Bookrunner, Lead Manager, and Domestic Lead Underwriter. Shares of 58.5% were sold to international investors while 41.5% were sold domestically. This was the first for the Philippine equities market, where the split for large IPOs is usually 70% for international and 30% for domestic. The offer was 4.5x oversubscribed.

In the same period, the company also notably covered 66% of the total capital markets transactions. It participated in 90% of the total peso-denominated government debt, acting as one of the Joint Issue Managers in the P179.7 billion Retail Treasury Bonds (RTB 15) and as one of the Joint Deal Managers in the P323.4 billion Domestic Debt Consolidation Program, which was awarded by The Banker as Deal of the Year 2011. The investment bank also covered 36% and 40% of the total peso-denominated corporate debt and equities transactions, respectively.

“First Metro will persist to strive hard to reinforce our position as a premier investment bank in the country and as a prime mover in the development of the Philippine capital markets. We will continue to deliver strong and attractive results that meet our clients objectives and help boost activities in both debt and equity markets,” added Dispo.

Finance Asia is a leading publishing company in the region that covers the financial and capital markets. It likewise recognizes the region’s most significant transactions and financial institutions through its annual Country Awards for Achievement.