Cebu Pacific foreign offering more than double oversubscribed
JG Summit Holdings Corp Senior Vice President for Corporate Planning, BJ Sebastian, stated the foreign tranche of Cebu Pacific’s IPO was more than two times oversubscribed on its first day and an option to sell a further 28 million shares is now likely to be exercised (Reuters, 12-Oct-2010). The option will increase the sale to as much as PHP26.8 million (USD616,942). About 70% of the total offering has been allocated to foreign investors. The domestic offering starts on 12-Oct-2010 and will run until 19-Oct-2010.