THE SECURITIES and Exchange Commission has approved a P39.74 billion initial public offering proposed by Cemex Holdings Philippines Inc., one of the country’s leading cement manufacturers.
The plan is to offer up to 2.338 billion shares at a price per share of as much as P17 per share, based on a document from the SEC.
The maximum offering will include 304.95 million in shares for stabilization option.
About P24.56 billion of the offer is proposed to be sold to international investors while the remaining P10.37 billion will be earmarked for the domestic market.
The company will be listed on the PSE’s main board.
Cemex intends to use proceeds for repayment of up to $504 million of short-term loan from a related party.
Citigroup Global Markets UK, JP Morgan Securities plc and HSBC Singapore had been mandated as joint global coordinators and bookrunners. BDO Capital & Investment Corp. acts as domestic lead underwriter.