Cebu Air has raised 23.3bn pesos ($560 million) from its initial public offering. This is the biggest ever IPO for a Philippine firm in dollar value, and the largest since 2005 in pesos.
Moreover on its debut Cebu’s shares closed up 6.4%, even as the stock index slipped 0.2%.
Cebu said that its IPO, the Philippines’ first of the year, exceeded the value of those of other Asian low-cost carriers such as Air Asia, which raised $220.3 million, and Tiger Airways, $175.9 million.
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