Philippine regulator approves Cebu Air's IPO
Tags :
Southeast Asia,
CEBU Pacific Air
(XFN Asia) The Philippine Securities and Exchange Commission has approved the initial public offering (IPO) of Cebu Air, the operator of LCC, Cebu Pacific, which is expected to raise approximately 15 billion pesos (USD358.6 million), according to company documents.
The documents indicate that Cebu Air will sell up to 72 million new shares and up to 63.4 million secondary shares at a maximum price of 95 pesos each (USD2.27). The final offer price will be determined after a book-building exercise.
The primary and secondary offerings are expected to raise 12.5 billion pesos (USD298.8 million) in net proceeds, but another 20.3 million shares will be made available for an over-allotment option. Up to 94.8 million shares will be offered to foreign investors.
Cebu Air, a unit of Philippine-listed conglomerate JG Summit Holdings, is expecting net proceeds of 6.6 billion pesos (USD157.8 million) from the primary offering, based on the maximum price of 95 pesos (USD2.27) per share. This will be used to purchase new aircraft and spare engines, for working capital and for other general corporate purposes.
Company officials previously said they are planning to undertake the IPO in 2008.
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.
Date posted: 07-Dec-07
Other CEBU Pacific Air News |
Philippine regulator approves Cebu Air's IPO 
