Image by georgeparrilla via FlickrThe Philippine Stock Exchange expects Cebu Air Inc. to push through with its P32.2-billion initial public offering next month given the stellar performance of the local and overseas markets.
“There are no other issues why they should not go with it this time,” PSE chairman Hans Sicat told reporters Wednesday.
Cebu Air, which operates Cebu Pacific, will offer 214.632 million shares, consisting of 30.66 million in primary shares, 155.97 million in secondary stocks and up to 27.99 million in optional securities to cover overallotment. It will sell the shares at a maximum price of P150 apiece.
Cebu Air tapped Citigroup Global Markets Ltd., Deutsche Bank AG (Hong Kong Branch) and J.P. Morgan Securities Ltd. as joint global coordinators and international lead managers and ATR Kim Eng Capital Partners Inc. as the local underwriter for the offering.
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