Cemex Philippines rises 4.2%

Byjirong

Updated Wed, 20 Jul 2016 15:57:15 GMT

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.