Philippines: Real estate developer Cebu Landmasters targets $75m IPO

Visual from company website.

Real estate development firm Cebu Landmasters Inc is targeting to raise up $75.5 million (P3.8 billion) from an initial public offering (IPO) in the Philippine Stock Exchange (PSE) in May 2017.

A top homegrown developer in Metro Cebu, Cebu Landmasters plans to use the proceeds for business expansion in key cities in Visayas and Mindanao, like Davao, Cagayan de Oro, Dumaguete, Bacolod, Iloilo, and new Cebu locations.

Part of the funds will be used for working capital requirements including debt repayment.

Also Read: Dearth of IPOs in ‘fastest growing economy’ Philippines may end in 2017: Roel Refran

Launched in 2003, Cebu Landmasters is engaged in the development of residential, commercial, hospitality, mixed-use and civic projects.

In its prospectus filed to the Securities and Exchange Commission, Cebu Landmasters intends to offer its maiden share sale of 580 million common shares priced at P6.56 apiece.

This currrently represents up to 34 per cent of the firm’s outstanding common shares.

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The company’s 430 million shares are new shares forming the primary tranche, while 75 million shares from existing shareholders form the secondary tranche.

BDO Capital will be the sole issue manager, while joint lead underwriters and joint bookrunners are BDO Capital and BPI Capital.

Cebu Landmasters recently disclosed its plans to invest up to P12 billion this year in the Visayas and Mindanao regions. It claims to have the second highest market share of residential condominium units in Cebu City.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.