The Board of Directors of The Philippine Stock Exchange, Inc. (PSE) approved the initial public offering (IPO) application of cement maker Eagle Cement Corporation and property developer Cebu Landmasters, Inc. worth up to a total of P13 billion.
Eagle Cement will be offering 500 million primary shares, with an over-allotment option of up to 75 million secondary shares, at a maximum price of P16.00 per share.
On the other hand, Cebu Landmasters will be offering a total of 505 million primary and secondary shares, with an over-allotment option of up to 75 million secondary shares, a maximum price of P6.56 per share.
The price setting dates of Eagle Cement and Cebu Landmasters are on May 11 and May 12, respectively. The scheduled offer period of Eagle Cement is from May 16 to 22 while Cebu Landmasters will hold its offering from May 19 to 26.
“We commend both companies for successfully complying with PSE’s IPO requisites thereby enabling them to tap the stock market for their capital requirements. We encourage more companies to do the same,” said PSE President and CEO Ramon S. Monzon.
He added that “we are hopeful that these IPOs will be met with keen interest by big and small investors alike. The Local Small Investor component of IPOs provides small investors the chance to participate in these investment opportunities.”
By far the largest IPO in 2017, Eagle Cement will have a market capitalization of up to R80 billion after its IPO. It intends to debut on the Main Board of the PSE on May 29, 2017 under the ticker symbol “EAGLE.”
The IPO proceeds will be used to partially finance the construction of a 2 million metric ton cement plant in Cebu, which will become the Company’s fourth production line.
SOURCE: Manila Bulletin, James A. Loyola