After making to the list in the stock exchange, Cebu-based homegrown developer CebuLand- masters announced its offer to Davaoeños a P5 per share with a minimum of a thousand shares.
Recently, CebuLand- masters mounted an Initial Public Offering (IPO) and offered Davaoeños period for shares to the public who wants to avail of shares of CebuLandmasters. The share is priced at P5 per share but a minimum of a thousand shares.
“This is part of our IPO roadshow CebuLand-masters and we are going public company when we list on the stock exchange on June 2. Being a public company comes with great responsibilities but also good responsibility will be able to serve our market better,” said Jose Franco Soberano, senior vice president and chief operating officer of CebuLandmasters in an interview.
Soberano said that from the capital they’re raising from the IPO they are due to raise from P2.5 billion to P2.9 billion from this IPO. He said all the proceeds from the primary offer will go to their acquisitions in Visayas and Mindanao.
“It’s really our commitment to the shareholders that from this IPO we are going to invest all of it back into the company in acquisitions because we are going to expand in Davao, Cagayan de Oro, Iloilo, Bacolod, Dumaguete using the proceeds of the IPO,” he said.
Soberano said they are banking on the humble beginnings of CebuLand-masters to attract investors/shareholders.
“From our humble beginnings we started with the countryside residential subdivisions around Cebu and now we are one of the most diversified developers we do residential housing, condo office, hotel, mixed use- we have a developed a good track record,” he said.
Soberano said CebuLandmasters will be among the few homegrown players in Visayas and Mindanao geared to be public.
He also said they opted to announce their IPO in the city as they have confidence in Davao market.
“As they say all roads lead to Davao and the city is full of potential and promise. We’d like to share the good news that companies from Visayas and Mindanao are capable of going public,” he said.
CebuLandmasters launched two months ago their first project in Davao City, MesaTierra, the 4th of Cebu Landmasters’ “Gar-den Series” condominiums. It is a 22-story, 694-unit condominium that will be located along Jacinto Extension, across the Bangko Sentral ng Pilipinas compound.
Soberano said they are now approaching 80 percent in terms of sale. “Our showroom is not yet finish but we are about to start excavation and building constructions in few weeks,” he said.
He said they are targeting to open the showroom end of June and start of excavation hopefully either June or July.
“In Davao we launched our first project in Davao and is doing very well and we’re going to have more and we are going to be in Iloilo, Bacolod and Dumaguete. Our goal is really to become one of the leading homegrown developers in Visayas and Mindanao,” Soberano said.