Reuters - Cebu Pacific, the Philippines' biggest budget airline, expects to raise up to 12.45 billion pesos in net proceeds from an initial public offering early next year.
The company, a unit of conglomerate JG Summit Holdings Inc , plans to debut on the stock market in the first quarter of 2008, a company source told Reuters on Thursday.
Cebu Pacific expects to price its IPO at up to 95 pesos per share, documents from the securities regulator showed. The company plans to offer 72 million primary shares and 63.43 million secondary shares to the public.
The country's second-largest airline after flag carrier Philippine Airlines [PHL.UL], Cebu Pacific has benefited from an improving domestic economy, which has seen more Filipinos opt for air travel to criss-cross the archipelago and the region.
A large diaspora of overseas workers also provides a large customer base and Cebu Pacific has said it expected its total passenger traffic to reach 5 million this year from 3.5 million last year, rising to 10 million in 2013.
Local business contributes about two-thirds of its total revenue and capacity but the company, which flies to eight Asian destinations and plans to add four new regional routes soon, has said it expects regional revenues to grow 50 percent in five years from 2007.
Cebu Pacific has picked UBS as its sole international underwriter, bookrunner and lead manager. ING Bank and First Metro Investment Corp will be joint domestic lead underwriters.
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