Philippine Low Cost Carrier Cebu Air has set price guidance of 110 to 135 pesos per share for its initial public offer next month from original estimates of 150 pesos per share. It is thought that the IPO could raise between US$467 million and US$573 million from the sale of 186,637,200 shares. The IPO at this time is understood to have an over-allotment allocation of 27,995,600 shares. The final offer pricing will be set on October 8, and listing is scheduled for October 25. Proceeds from the IPO will be used to expand Cebu Air's fleet to better compete with other budget carriers such as Singapore's Tiger Airways and Malaysia's AirAsia.
Cebu Air sets guide price for IPO
