MANILA, Philippines - Budget airline Cebu Air Inc., set to launch what could be the Philippines' largest initial public offering, said on Friday it has priced its share sale at P125, near the midpoint of its indicative range.
The offer, including the greenshoe option, could raise up to P26.8 billion ($620 million) for the airline, exceeding the 2005 IPO of conglomerate SM Investments Corp., which raised $530 million.
The airline, a unit of conglomerate JG Summit Holdings Corp., had previously indicated a price range of P110 to P135 a share. It plans to sell 186.6 million shares during the offer, and there is scope to sell nearly 28 million more shares if demand is strong.
Citigroup, Deutsche Bank and JP Morgan are joint global lead managers for the share sale, and ATR KimEng Capital Partners is the local lead underwriter.