Cebu Pacific flies high in IPO; offering is largest global LCC IPO
Philippines' largest domestic carrier, Cebu Pacific, raised over USD500 million in its IPO as the carrier's shares made their debut in late Oct-2010 on the surging Manila stock exchange. According to Bloomberg data, Cebu Pacific's fund raising exceeded initial levels achieved by other LCCs including Southwest Airlines (USD7.2 million), Ryanair (USD159.6 million), AirAsia (USD220.3 million) and, more recently, Tiger Airways (USD175.9 million).
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