June 20, 2016 / 4:36 AM / 2 years ago

UPDATE 1-Cemex unit to launch Philippines' biggest IPO this year -IFR

* Set to launch $526 mln IPO on Tuesday -IFR

* Will mark second Philippines IPO this year

* Price setting due June 29, listing on July 18 (Adds timeline, use of proceeds)

HONG KONG/MANILA, June 20 (Reuters) - Cemex Holdings Philippines, a subsidiary of Mexican cement giant Cemex , will on Tuesday launch an initial public offering to raise up to $526 million, IFR reported on Monday.

The offering would mark the Southeast Asian nation’s second and biggest IPO so far this year.

The company is offering 2.03 billion shares in an indicative range of 10.50 pesos to 12.00 pesos each, said IFR, citing a person close to the deal. IFR is a Thomson Reuters publication.

Cemex Holdings Philippines has secured $125 million from seven cornerstone investors for the IPO, IFR said.

The Philippine Stock Exchange said separately that it had approved the IPO, with the offer period running from July 4 to July 11. Price setting will be on June 29 and listing on July 18.

Cemex has hired BDO Capital & Investment Corp as lead underwriter, while Citigroup Global Markets Ltd, Hongkong and Shanghai Banking Corp Ltd and J.P. Morgan Securities Plc are joint global coordinators and bookrunners, the bourse said.

The cement firm did not immediately reply to an emailed request for comment on the deal.

It previously said it would use the IPO proceeds to pay debts incurred during the acquisition of its operating subsidiaries.

$1 = 46.3400 Philippine pesos Reporting by S. Anuradha of IFR and Neil Jerome Morales; Writing by Elzio Barreto; Editing by Edwina Gibbs and Joseph Radford

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