At least the small fry got a chance. In the U.S. and other Western markets, an IPO typically ends up with institutional investors. The Philippines imposed a new rule in July. The more of them there are, the higher the risk that the IPO won't be a success. That's one side talking.
Some managements spend the IPO proceeds on dubious projects.
And not all offerings are successful. First, the basics. As local stock markets grow in depth, going public is becoming an attractive proposition for even the most conservative Asian empire-builder. Regulators require at least two consecutive years of profits before giving the go-ahead for a listing. State-owned giants are also tapping the market, and not only because of the financial benefits.