Cebu Landmasters up 4% in market debut

Cebu Landmasters Inc. (CLI) debuted on the Philippine Stock Exchange Friday, and opened up 4 percent from an initial public offering price of P5.00 per share.

The market debut of CLI came at a time when investor sentiment was frayed by initial speculations that the shooting-arson-robbery incident at Resorts World Manila was a terrorist attack.

"It shows that market is resilient overall despite what happened in Resorts World, which I think is isolated – hindi naman ISIS or terror attack," BDO Capital and Investment Corp. President Eduardo Francisco told GMA News Online on the sidelines of CLI's listing ceremony in Makati City.

"Investors are sophisticated enough to understand that," Francisco noted.

As of 11:09 a.m., CLI was trading up 4.80 percent at P5.24 apiece.

"Cebu Landmasters IPO pushed through, it shows how good this client will be. The opening price could have been higher if not for the Resorts World incident," Francisco noted.

The property developer debuted on PSE's main board under the ticker symbol CLI.

The company sold 505 million shares with an overallotment option of 75 million shares at P5.00 per share, raising as much asP2.9 billion during the May 19 to 26 offer period.

CLI plans to use the proceeds to fund its expansion plans.

The property developer is the third company to go public this year after Eagle Cement Corp. and Wilcon Depot Inc. — VDS, GMA News