Eagle Cement Corp has priced its initial public offering (IPO) at PHP15 (US$0.30)/share, following the recent approval of its public listing by the Philippine Stock Exchange (PSE), to raise up to PHP8.63bn.

The firm plans to sell 500m common shares by way of primary offer with an over-allotment option of up to 75m secondary shares. The offer period is set on 16-22 2017 while target listing date is on 29 May 2017.

"We are very pleased with the bookbuilding results. The issue was well received by institutional investors. This is a strong indication of their confidence in EAGLE's fundamentals and potential to be the major driver in the cement industry," said SB Capital Investment Corporation President Noel Dayrit.

Proceeds from Eagle Cement's IPO will be used to partially finance the construction of the company's 2Mta cement plant in Cebu, which will be its fourth production line. Proceeds will also be used to build marine terminals in the Visayas and Mindanao.