* Prices IPO at the low end of indicative range

* Third-largest IPO and biggest since 2013

* Strong cement sales on the back of construction boom (Adds fund manager's comments)

By Neil Jerome Morales

MANILA, June 30 (Reuters) - Cemex Holdings Philippines Inc , a unit of Mexican cement giant Cemex, will raise $535.8 million in the Southeast Asian nation's third-largest IPO, pricing its shares at the low end of the indicative range.

The Philippines' biggest IPO since 2013 is riding on the construction boom in one of the fastest growing economies in Asia, although the slashed offer price revealed investors' worries about yield and the lacklustre performance of other cement firms.

In a notice to the Philippine Stock Exchange on Thursday, Cemex Philippines said it priced the IPO at 10.75 pesos ($0.23) per share. (http://bit.ly/296kDt1)

"It's not a screaming buy," Augusto Cosio, president of First Metro Asset Management Inc in Manila, told Reuters. "People will probably buy it, but buy it to flip it."

Some investors would have concerns about the company's lack of a dividend policy, capacity constraints at its production plants and the poor track record of other listed cement manufacturers, he said.

Even so, the deal was oversubscribed even without orders from trading participants and local investors, said Eduardo Francisco, president of underwriter BDO Capital & Investment Corp.

The offering will raise 25.13 billion pesos ($535.82 million), making it the Southeast Asian country's biggest IPO since the record October 2013 share sale by Robinsons Retail Holdings Inc, which raised more than $620 million.

The company announced last week an indicative range of 10.50 pesos to 12.00 pesos each for the Philippines' second listing this year. It has secured $125 million from seven cornerstone investors for the IPO, IFR reported.

The offer period will run from July 4 to July 11, with listing on July 18. IPO proceeds will be used to pay debts incurred during the acquisition of its operating subsidiaries.

Cement sales in the Philippines jumped 13 percent to 6.43 million tonnes in the first quarter on strong demand from both government-supported and private sector-led construction, data from the Cement Manufacturers' Association of the Philippines showed.

($1 = 46.9000 Philippine pesos) (Additional reporting by Enrico dela Cruz; Editing by Stephen Coates)