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.
Photo credit: Associated Press
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 prepared for the deal's official launch early last week.

With Rodrigo Duterte assuming office as the 16th president of the Philippines on Thursday, the remaining domestic offering will...

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