Strong closing for Cebu IPO

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By TESTCustomwebLP TESTCustomwebLP October 27, 2010 10:09

Strong closing for Cebu IPO

Cebu Air has raised 23.3bn pesos ($560 million) from its initial public offering. This is the biggest ever IPO for a Philippine firm in dollar value, and the largest since 2005 in pesos.

Moreover on its debut Cebu’s shares closed up 6.4%, even as the stock index slipped 0.2%.

Cebu said that its IPO, the Philippines’ first of the year, exceeded the value of those of other Asian low-cost carriers such as Air Asia, which raised $220.3 million, and Tiger Airways, $175.9 million.

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By TESTCustomwebLP TESTCustomwebLP October 27, 2010 10:09
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