Philippine regulators approve Cebu Pacific's IPO

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Cebu Pacific has received permission from The Philippines' Securities and Exchange Commission to launch an initial public offering (IPO).

The low-cost carrier has applied to list on the Philippines Stock Exchange, says B.J. Sebastian, the senior vice president for finance at Cebu's parent JG Summit. It will meet on 24 March to consider the application, he adds.

Cebu plans to raise about 12 billion pesos ($261.6 million) to fund the acquisition of new aircraft.

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

The carrier has 15 Airbus A320s on order, to be delivered from now until 2014, and another five on option.