Cemex Philippines closer to sealing $470m IPO

The subsidiary of the Mexican cement giant has now wrapped up institutional tranche of the IPO just as a new president prepares to take the helm in Manila.

Cemex Philippines closer to sealing $470m IPO
Photo credit: Associated Press

Cemex wrapped up the institutional tranche of its Filipino subsidiary's Ps21.9 billion $470 million initial public offering on Wednesday, unfazed by the Brexit vote as it took a big step towards completing Manila's biggest industrial listing.

The institutional order book was already fully covered by cornerstone and anchor investors and in the end was multiple-times subscribed, predominately by long-only investors, sources familiar with the situation told FinanceAsia, as they...

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