<article>The board of the <a href="http://www.dealstreetasia.com/?s=Philippine+Stock+Exchange" target="_blank" rel="noopener noreferrer">Philippine Stock Exchange</a> on Wednesday approved the initial public offerings of <a style="color: #000080" href="http://www.dealstreetasia.com/?s=Eagle+Cement" target="_blank" rel="noopener noreferrer">Eagle Cement Corp</a>, and <a style="color: #000080" href="http://www.dealstreetasia.com/?s=Cebu+Landmasters" target="_blank" rel="noopener noreferrer">Cebu Landmasters Inc</a>.</article>

The board of the <a href="http://www.dealstreetasia.com/?s=Philippine+Stock+Exchange" target="_blank" rel="noopener noreferrer">Philippine Stock Exchange</a> on Wednesday approved the initial public offerings of <a style="color: #000080" href="http://www.dealstreetasia.com/?s=Eagle+Cement" target="_blank" rel="noopener noreferrer">Eagle Cement Corp</a>, and <a style="color: #000080" href="http://www.dealstreetasia.com/?s=Cebu+Landmasters" target="_blank" rel="noopener noreferrer">Cebu Landmasters Inc</a>.
Eagle Cement&#8217;s IPO is set at $184.81 million (P9.2 billion) which is by far the largest IPO in 2017. Cebu Landmasters targets to raise up to $66.33 million (P3.31 billion).
The cement maker plans to sell 500 million common shares through a primary offer with an over-allotment option of up to 75 million secondary shares with a maximum price of P16 per share.
Cebu Landmasters, meanwhile, will be offering up to 505 million shares at P6.56 apiece of both common and primary shares.
Eagle Cement is engaged in the business of manufacturing, marketing, sale and distribution of cement, while Cebu Landmasters is a real estate development company.
The offer price setting for Eagle Cement and Cebu Landmasters will be on May 11 and 12, respectively.
Eagle Cement&#8217;s offer period will be on May 16 to May 22, while Cebu Landmasters will hold its offer period on May 19 to 26.
The Ang-led cement company plans to use the IPO proceeds to partially finance the construction of a 2 million metric tonne cement plant in Cebu, which will become Eagle Cement&#8217;s fourth production line.
As for Cebu Landmasters, it intends to use the proceeds from the primary offer fund for key land acquisitions, investment in joint ventures and associates, debt payment, and general corporate purposes.
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Philippine bourse approves IPOs of Eagle Cement, Cebu Landmasters

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Philippine bourse approves IPOs of Eagle Cement, Cebu Landmasters

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