MANILA – Shares of Cebu Landmasters rose Friday as the developer focused on the Visayas and Mindanao debuted on the stock exchange.
It was the third initial public offering for the year and the second this week, after Eagle Cement.
Cebu Landmasters shares were up 4.8 percent to P5.24 from its offer price of P5.20.
“We think it has a good niche market in the Cebu, VisMin (Visayas Mindanao) are. The issue was well-priced,” Abacus Capital and Investment Corp director Manny Ocampo said.
Cebu Landmasters chairman Jose Soberano said overseas Filipino workers were driving demand for property outside Metro Manila.