Monday, October 18, 2010

Local Portion of CebuPac IPO All Sold


With close to 9 million views on YouTube and counting, 
this is probably why Cebu Pacific's IPO is so hot right now

If you're just finding out now about what's seen to be the biggest IPO in the history of the Philippine stock market, then you're already too late.

The domestic lead underwriter of the issue, ATR KimEng Capital Partners Inc., announced late last week that the Philippine portion of the IPO was oversubscribed prior to the end of the domestic offering period. This means that the 7 billion pesos worth of shares reserved for local investors already have buyers. This news follows last week's announcement that the international tranche of the IPO worth 16.4 billion pesos was fully subscribed by foreign fund managers.

The huge demand for CebuPac shares looks to be a sure sign of big payoffs for those who acted fast enough and managed to get a piece of the action. I hope those of you who indicated interest in the IPO when I announced it a month ago were able to secure some shares (I'm looking at you, Tin). The only thing left to do now is hold our breaths and see what happens on listing day on October 26. Just remember the magic number: 125 pesos per share.
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