Cebu Pacific puts IPO on hold until after elections

Singapore
Source:
This story is sourced from Pro
See more Pro news »

Philippine low-cost carrier Cebu Pacific has deferred its plans for an initial public offering (IPO) until after the country's elections on 10 May.

The carrier has "taken the view that, despite strong interest in the IPO at this time, it is in the better interests of the stakeholders to pursue the listing after the coming elections", it says.

Cebu Pacific was supposed to hold its domestic roadshow for the IPO on 5 April but this will be moved to a later date, it adds.

The airline had initially planned to list on the Philippine Stock Exchange on 3 May.

Cebu Pacific has said it plans to raise about 12 billion pesos ($265 million) from the IPO to fund the acquisition of new aircraft.

It will offer more than 125 million shares at a maximum offer price of 95 pesos each.