Cebu Air still has P2.09B from its IPO

Budget airline Cebu Air Inc. has nearly used up all the proceeds from its initial public offering (IPO) last year. The operator of Cebu Pacific told the Philippine Stock Exchange on Friday that remaining proceeds of the P32-billion capital it raised in its maiden offering as of Sept. 30 amounted to P2.09 billion. From P2.55 billion as of end June, some P460 million was used for the pre-delivery payment of four aircraft, the company said. In June, Cebu Pacific said it was planning to expand its operations by investing $3.8 billion to buy 37 new Airbus aircraft. The new airplanes are scheduled for delivery between 2015 and 2021. Cebu Air’s P32.19-billion IPO remains the country's largest initial offering. — CMA/VS, GMA News