Cebu Landmasters Inc.'s IPO, which ran May 19-26, in the Philippines was oversubscribed, The Manila Times reported, citing BDO Capital & Investments Corp. President Ed Francisco.

During the offer period, investors bought 505 million shares at 5.00 pesos apiece. Combined with the 75 million overallotment shares, Cebu Landmasters sold a total of 2.90 billion pesos of shares, Francisco said, according to the May 30 report.

The company intends to list on the Philippine bourse June 2. The residential-focused developer intends to use the net proceeds from the listing for land acquisitions, funding for new projects, joint venture investments, debt repayment and general corporate purposes. The company, which is based in Cebu, also said it plans to expand in other real estate sectors and other provinces throughout the country.

BDO Capital & Investment is the issue manager, joint book runner and joint lead underwriter for the IPO. BPI Capital Corp., meanwhile, is the joint book runner and joint lead underwriter.

As of May 29, US$1 was equivalent to 49.72 Philippine pesos.