MONTERREY, June 29 (Reuters) - Mexican cement company Cemex SAB de CV’s Philippine subsidiary on Wednesday could set the price of its initial public offering, which it hopes to generate about $500 million, a source with knowledge of the situation said.
Cemex Holdings Philippines is offering 2.03 billion shares in an indicative range of 10.50 pesos to 12.00 pesos (22 cents to 26 cents) each, said IFR, citing a person close to the deal. IFR is a Thomson Reuters publication.
The IPO would be the Southeast Asian nation’s second-biggest so far this year.
Last week, Cemex said it had received approval from the Philippine stock exchange to list shares on the bourse.
Cemex has said it would use the IPO proceeds to pay debts incurred during the acquisition of its operating subsidiaries. ($1 = 46.96 Philippine pesos) (Reporting by Gabriela Lopez; Editing by Lisa Von Ahn)