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Cebu Landmasters closes higher on listing debut

Cebu Landmasters Inc. closed higher on its listing debut on the Philippine stock exchange June 2, Manila's Business World reported.

Listing at 5 pesos per share, the developer rose 4% at the start of the trading day to 5.39 pesos and closed at 5.16 pesos, up 3.2% from its listing price.

The company's offer was 2x oversubscribed, the report noted, citing BDO Capital and Investments Corp. President Eduardo Francisco. BDO Capital served as the lead underwriter, along with BPI Capital Corp.

Cebu Landmasters raised a total of 2.9 billion pesos, selling 505 million shares, including 75 million overallotted shares.

As of June 2, US$1 was equivalent to 49.59 Philippine pesos.