MANILA, Philippines - Shares of budget airline Cebu Air Inc. opened at P132, a 5.6% premium to their issue price, on debut on Tuesday as the broader market rose to a record high.
The airline, a unit of conglomerate JG Summit Holdings Corp., raised $611 million in its initial public offer, a record amount in dollar terms for a Philippine IPO.
It sold about 215 million shares at P125 each, BJ Sebastian, senior vice president for corporate planning of Cebu Air's parent, told Reuters in a text message.
The Philippine stock market has risen more than 40% this year, the second best performer in Southeast Asia after Indonesia.
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.