Cebu Air to list shares on 08-Feb-08
Tags :
Southeast Asia,
CEBU Pacific Air
(XFN Asia) Cebu Air Inc, operator of Cebu Pacific, will list up to 418.7 million shares on the Philippine Stock Exchange on 08-Feb-08 8, following an initial public offering later this month.
Cebu Air, owned by conglomerate JG Summit Holdings Inc, will sell up to 135.5 million shares or approximately 32% of the shares to be listed to the public, according to the offering circular posted on the exchange's website.
The offer consists of 72.02 million new shares and 63.43 million shares currently held by the Gokongweis.
JG Summit holds the interests of local tycoon John Gokongwei in airline, food, textile, petrochemical, telecommunications, shopping malls, hotels and real estate businesses.
UBS AG, the sole international underwriter and bookrunner, has been given an over-allotment option involving up to 20.3 million shares from those held by the selling shareholder.
Up to 94.8 million shares or 70% of the offer will be made available to foreign investors. The remaining 30% is allotted to local investors.
At a maximum offer price of 95 pesos (USD2.33) per share, the IPO will raise approximately 15 billion pesos (USD368.1 million), including proceeds from the exercise of over-allotment option. Cebu Air will use proceeds from the sale of new shares to purchase new aircraft and spare engines, for working capital and for other general corporate purposes.
The final offer price will be known by 26-Jan-08, following a roadshow and book-building exercise between 14-Jan-08 and 25-Jan-08.
Cebu Air has a market capitalization of 39.8 billion pesos (USD976.7 million).
ING Bank and First Metro Investments Corp will underwrite the domestic offering.
Date posted: 07-Jan-08
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Cebu Air to list shares on 08-Feb-08 
