SOON to be listed cement maker Eagle Cement Corporation has priced its initial public offering (IPO) at P15 per share, with the offer period set from May 16 to 22, 2017.
The target listing date of the cement company, which will trade under the ticker symbol “EAGLE,” is on May 29, 2017.
“EAGLE plans to sell 500 million common shares by way of primary offer with an over-allotment option of up to 75 million secondary shares,” the company said in a statement on Friday.
At the offer price of P15 per share and assuming all the 575 million common and secondary offer shares are taken up, Eagle will be able to raise gross proceeds of P8.62 billion from the IPO.
Net proceeds from the IPO will be partially used to finance the construction of a 2-million metric ton cement plant in Cebu, and to also build marine terminals in Visayas and Mindanao to facilitate quicker distribution of the company’s products in the two regions, Eagle said.
According to the company, completion of its Cebu plant in 2020 will increase its capacity to 9.1 million tons of cement per year from the current 5.1 million tons per annum.
Eagle has appointed China Bank Capital Corp., Philippine National Bank Capital and Investment Corp., and SB Capital Investment Corp. as its joint issue managers, joint lead underwriters, and joint book runners for the IPO.