Cebu Landmasters Inc., a leading housing developer in Cebu, obtained the Philippine Stock Exchange’s approval for a P3.8-billion initial public offering.
Cebu Landmasters plans to sell 505 million shares at up to P6.56 per common share, with an over-allotment option for another 75 million secondary shares.
The float will represent 33.84 percent of the company’s total outstanding shares after the IPO, bringing the company’s market capitalization to P11.25 billion.
BDO Capital & Investment Corp. is the issue manager. BDO Capital and BPI Capital Corp are the joint lead underwriters and joint bookrunners.
Offer period was set on May 19 to May 26 while listing was expected on June 2.
Proceeds from the IPO will be used to finance the company’s capital expenditures related to land acquisitions, investments in joint ventures and associates, debt repayment and general corporate purposes.
The property firm earlier said it earmarked P12 billion in capital expenditures over the next two years to finance the rollout of various real estate projects in the Visayas and Mindanao.