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PSE gives Cebu Landmasters IPO the green light

May 11, 2017

From GMA News – The Philippine Stock Exchange on Wednesday approved the initial public offering (IPO) of property developer Cebu Landmasters Inc.

In a notice of public offering, the exchange said the offer period will run from May 19 to 26, with a tentative listing date on June 2, subject to the company’s compliance of post-approval conditions and requirements of the PSE.

The company is offering 505 million shares at a maximum price of P6.56 per share, including an over-allotment option of 75 million secondary shares. It aims to raise as much as P3.8 billion to finance its expansion in the Visayas and Mindanao.

The final IPO price will be announced on May 12.

“The float will be up to 33.84 percent of the company’s total outstanding shares after the IPO, and Cebu Landmasters will have a market capitalization of up to P11.25 billion,” the company said in a separate statement.

To tap more investors, the PSE also approved CLI’s request to increase the maximum allowable subscription under the Local Small Investors (LSI) program to P50,000 from P25,000.

“In view thereof and as provided in CLI’s Offer Terms Sheet, each LSI for the IPO of CLI will be allowed to subscribe up to a maximum of 7,600 Offer Shares or a maximum amount of P49,856.00,” the PSE said.

According to CLI, it will allocate P12 billion in the next two years to finance its expansion plans. It intends to build 7,000 economic housing units.

The company tapped BDO Capital & Investment Corp. as the issue manager, and together with BPI Capital Corp. as the joint lead underwriters and joint bookrunners.

CLI is the second company to be listed on the PSE, after Wilcon Depot Inc. Wilcon raised as much as P7.03 billion from its maiden share sale in March.

Other companies with pending IPO applications before the Securities and Exchange Commission (SEC) are Pure Energy Holdings Corp. (P1.58 billion), Xeleb Technologies Inc. (P751.8 million) and Audiowav Media Inc. (P2.66 billion).

Also planning for IPOs are TVI Resource Development (Philippines) Inc., Pointwest Technologies Corp. and Green Power Panay Philippines Inc.