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SEC approves Wenceslao’s P15.5-billion initial public offering

The Securities and Exchange Commission on Tuesday approved the P15.5-billion initial public offering of D.M. Wenceslao & Associates Inc., a leading construction and real estate development company.

Documents filed with the SEC showed DM Wencesalo would offer 679.2 million common shares at P22.90 apiece.

It also has an overallotment option of 101.876 million shares that could push total proceeds to P17.88 billion.

Net proceeds from the IPO will be used to expand the company’s real estate development footprint through a mix of commercial and residential projects within the 204-hectare Aseana City.

The offering period is tentatively set on June 18 to 22, while listing date is scheduled on June 29.

The company tapped BPI Capital and Maybank as the joint global coordinators and bookrunners for the IPO.

This is the second time D.M. Wenceslao planned to conduct an IPO.  It first filed an IPO application with the SEC in 2015.

The company was looking to raise as much as P21.7 billion from the sale of 429 million shares at an offer price of P44 apiece, but deferred the plan because of volatile market conditions then.

It reported a net income of P1.56 billion in 2017, up 30 percent from P1.2 billion in 2016, as revenues improved to P3 billion from P2.1 billion.

D.M. Wenceslao is an integrated property developer with an established track record and market-leading capabilities in land reclamation, construction and real estate development.

The company completed seven projects, six of which are located in Aseana City, with a total land area of 42,464 square meters and total leasable floor area of 59,027 sqm.

Topics: Securities and Exchange Commission , D.M. Wenceslao & Associates Inc. , BPI Capital , Maybank
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