Image Source: metrocebu.com.ph

Philippine Stock Exchange Approves Homegrown Developers’ Php3.8-B IPO

Philippine Stock Exchange Approves Homegrown Developers’ Php3.8-B IPO

Cebu Landmasters Inc., Metro Cebu’s leading housing developer, got the Philippine Stock Exchange’s (PSE) nod for its Php3.8-billion initial public offering.

Cebu Landmasters plans to sell 505 million shares for up to Php6.56 per common share, with an over-allotment option of another 75 million secondary shares to raise funds for its Visayas-Mindanao expansion.

The float will be up to 33.84 percent of the company’s total outstanding shares after the IPO, with a market capitalization of up to Php 11.25 billion.

BDO Capital & Investment Corp. is the issue manager. BDO Capital and BPI Capital Corp are the joint lead underwriters and joint bookrunners.

Cebu Landmasters, founded in 2003 by real estate veteran Jose Soberano III, its president and chief executive officer, is a Cebu-based developer that is aggressively expanding to the Visayas and Mindanao regions.

Cebu Landmasters is an expert in horizontal and vertical residential projects, mixed-use and office developments and covers a wide segment of the property market.

With over 28 projects in its portfolio, it has now become the number one local housing developer in Metro Cebu with an 11 percent market share, next to Ayala Land who has 17 percent, according to CBRE Philippines (now Frank Santos Knight).

It has 13 projects under different stages of development and construction and six more projects being planned for development in the near future. (PR/PNA)