PSE oks Cebu Landmaster’s P3.8B IPO
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by Land Asia Listings
- May 11, 2017
- News
- 0
Philippine Daily Inquirer
05:25 PM May 10, 2017
http://business.inquirer.net/
The Philippine Stock Exchange has approved the initial public offering (IPO) of as much as P3.8 billion planned this month by Cebu Landmasters Inc., Metro Cebu’s leading housing developer.
The IPO price will be finalized on Friday (May 12).
Cebu Landmasters plans to sell 505 million shares for up to P6.56 per common share, with an over-allotment option of another 75 million secondary shares to raise funds for its Visayas-Mindanao expansion. This will bring its public ownership to 33.84 percent after the IPO, with a market capitalization of up to P11.25 billion.
BDO Capital & Investment Corp. is the issue manager, and together with BPI Capital Corp., is the joint lead underwriter and joint bookrunner.
Cebu Landmasters – founded in 2003 by real estate veteran Jose Soberano III, its president and chief executive officer – is a Cebu-based developer that is aggressively expanding to the Visayas and Mindanao aiming to become the region’s most preferred developer in three years.
