Reuters are reporting that shares of Cemex Holdings Philippines Inc opened at 11.20 pesos, above the offer price for Southeast Asia's second-largest initial public offering this year.
The IPO was priced at 10.75 pesos, raising 25.13 billion Philippine pesos (US$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.
Edited from source by Joseph Green. Source: Reuters