Cebu Pacific seeks to raise up to USD335.5 million via IPO
Tags :
Southeast Asia,
CEBU Pacific Air
(CAPA) Cebu Air Inc, the operator of LCC Cebu Pacific, plans to sell up to 205.4 million common shares at a maximum offer price of USD1.63/share in an initial public offering that will raise up to USD335.5 million, documents filed with the Securities and Exchange Commission showed.
Cebu Air plans to use most of the IPO proceeds to fund the purchase of new aircraft as well as aircraft spare parts and fixtures and fittings. "We expect to continue to incur substantial capital expenditures, primarily to expand our fleet from 12 aircraft as of the date of this prospectus to between 30 (and) 44 aircraft by 2013," Cebu Air said.
The airline has appointed UBS Investment Bank as the sole international underwriter and book runner, and ING Bank and First Metro Investments Corp as domestic underwriters.
Cebu Air will be the fifth company owned by the family of tycoon John Gokongwei to go public, following JG Summit, Robinsons Land Corp, Universal Robina Corp, and Digital Telecommunications Philippines Inc.
Date posted: 07-Jun-07.
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Cebu Pacific seeks to raise up to USD335.5 million via IPO 
