Cemex Philippines rises 4.2% in market debut

Shares of Cemex Holdings Philippines Inc., a unit of Mexican cement giant Cemex , opened at P11.20, above the offer price for Southeast Asia's second-largest initial public offering this year.

The IPO was priced at 10.75 pesos, raising P25.13 billion ($537 million), the Philippines' biggest since 2013.

Cemex Philippines is banking on the new government's pledge of massive infrastructure spending and an ongoing private sector construction boom. — Reuters