Metro Manila (CNN Philippines, May 12) — Cement manufacturer Eagle Cement Corporation, chaired by business tycoon Ramon Ang, is on the stock market with ₱16 per share as of Monday.
This is one peso higher than its initial public offering (IPO) of ₱15, previously listed from May 16 to May 22. The cement company had a target listing date on May 29, and is now being traded under the ticker symbol “EAGLE.”
The company initially expected to raise ₱9.20 billion from the IPO, based on its initial application filed with the Securities and Change Commission last March 1.
After getting the thumbs up from the Philippine Stock Exchange, the company plans to sell 500 million common shares with an over-allotment option of up to 75 million secondary shares. The over-allotment option, also known as green shoe option, allows the sale of additional shares depending on demand.
China Bank Capital Corp., Philippine National Bank Capital and Investment Corp., and Security Bank Capital Investment Corp. (SB Capital) are joint issue managers, lead underwriters, and bookrunners for the IPO.
“We are very pleased with the bookbuilding results. The issue was well received by institutional investors. This is a strong indication of their confidence in EAGLE’s fundamentals and potential to be the major driver in the cement industry,” said SB Capital President Noel Dayrit in a press release.
IPO proceeds will go to the construction of a two-million metric ton cement plant in Cebu, as well as marine terminals in the Visayas and Mindanao.
The planned plant in Cebu is its fourth production line, expected to be completed in 2020. Construction of a third plant in Bulacan will be completed in 2018.
