Cebu Pacific planning to launch IPO this year
Cebu Pacific reportedly plans to launch an IPO this year, to raise approximately PHP12 billion (USD262 million) through the issue of 125.3 million new common shares with a par value of PHP1.00 each on the Philippine Stock Exchange (GMANews.TV, 08-Mar-2010). The carrier also plans to sell 110.3 million shares for the same price, and 35.5 million shares owned by parent, JG Summit Holdings. 18.4 million additional shares will also be listed under the carrier’s employee stock option plan, at a 25% discount. Shares are to primarily be offered to foreign institutional investors, as the size of the sale is considered too large for the Philippines alone. Cebu Pacific had originally planned to launch an IPO in 2008, but suspended plans due to volatile markets.