MANILA -(Dow Jones)- The Philippine Stock Exchange Monday said it cleared the planned initial public offering of Megawide Construction Corp., which could raise as much as PHP2.29 billion ($51.8 million) for the local construction company.

Megawide will offer 292 million shares at a price of up to PHP7.84 each, the bourse said.

The construction company will set the offer price on Feb. 3 after a three-day bookbuilding that will start Monday. The offer period will start Feb. 7 and end of Feb. 11.

The tentative listing date of Megawide's shares is Feb. 18.

The construction company tapped BDO Capital & Investment Corp. as issue manager and underwriter of the offer.

Megawide will use the proceeds of the offering for the construction of a pre-cast concrete manufacturing plant, acquisition of construction equipment and for working capital.

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