Cebu Landmasters Inc. (CLI), a leading property developer in Metro Cebu, intends to raise P3.8 billion from an initial public offering (IPO) in May to finance an expansion plan, debt repayment and working capital.

In a statement on Monday, CLI said it submitted a prospectus to the Securities and Exchange Commission (SEC) covering its maiden share sale of 580 million common shares at P6.56 per share.

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