MANILA, May 12 (Reuters) - Philippine property developer Cebu Landmasters Inc is seeking to raise up to 2.9 billion pesos ($58.3 million) in an initial public offering (IPO) in Manila, the company said on Friday.
The real estate firm said it plans to offer 505 million shares, plus up to 75 million more for oversubscription, at five pesos each. (bit.ly/2pEJAhr)
The final IPO price was at the midpoint of its initial guidance, reflecting high investor demand, Reginaldo Cariaso, chief operating officer of underwriter BPI Capital Corp, told Reuters.
The offer period will run May 19-26, followed by the market debut on June 2.
The developer, based in the central Philippine city of Cebu, owns residential, commercial, hospitality and industrial properties.
This is the country’s third IPO and one of two listings scheduled in a month’s time. Eagle Cement Corp plans to raise as much as $173 million in its IPO.
“If a company wants to sell shares, this is a good opportunity to do so given high valuations,” said Rafael Palma Gil, portfolio manager at Rizal Commercial Banking Corp in Manila.
The benchmark Philippine Stock Exchange Index was up 14.25 percent year-to-date, besting other bourses in Southeast Asia, as companies post strong income growth backed by consumer spending and government expenditures.
$1 = 49.7390 Philippine pesos Reporting by Neil Jerome Morales; Editing by Randy Fabi