SEC clears Eagle’s initial public offering
The Securities and Exchange Commission on Thursday approved the initial public offerings of Eagle Cement Corp. and Cebu Landmasters Inc.
Documents filed with the SEC showed the two companies planned to conduct their maiden share offerings in May.
Eagle Cement will sell 500 million common shares and possibly another 75 million shares in case of strong demand, at P16 per share.
The cement company led by businessman Ramon Ang will raise up to P9.2 billion to fund the construction of a P12.5-billion cement plant in Cebu.
Post-IPO, Eagle Cement will have public ownership of 11.5 percent and a market capitalization of P80 billion.
The company hired SB Capital Inc., PNB Capital and Investments Corp. and China Bank Capital Corp. as the underwriters. Offer period will be on May 3 to May 10 while listing date was tentatively set on May 17.
Meanwhile, Cebu Land Masters plans to sell 505 million primary and secondary shares with an over allotment of 75 million common shares at an offer price of up to P6.56 per share.
The company will raise up to P3.8 billion to finance property development projects and land acquisitions.
BDO Capital and Investments Corp. and BPI Capital are the joint underwriters for the offering.
The property firm is the first Cebu-based real estate developer to apply for an IPO. Cebu Landmasters earmarked P12 billion in capital expenditures in 2017 and 2018 to finance the rollout of various real estate projects in the Visayas and Mindanao.