Wilcon Depot Inc., a construction materials retailer that plans a P7.9-billion initial public offering in March, will add 29 new stores over the next five years.
Wilcon’s latest filing with the Securities and Exchange Commission showed the company planned to solidify its presence in existing markets and expand its store network in key locations in the Visayas and Mindanao. It plans to open eight stores in 2017 alone.
The five-year expansion plan will boost Wilcon’s store network to 65 from 36 outlets at present.
“Wilcon shall focus on the growth of its depot format and expects to open 8 stores in 2017 and targets a total of 29 new stores in the next five years. This is in line with the company’s objective to remain as the leading home improvement retailer in the Philippines,” the company said.
The company identified Cavite, Zamboanga, Iloilo, Tacloban, Cabanatuan, Bicol, General Santos, Davao, Lucena, Isabela, Tagum, Tuguegarao and Surigao as locations for possible expansion.
The company said earlier of the P7.9-billion expected proceeds from the maiden share offering, P6.1 billion would be allotted to support expansion plans and nearly P1 billion to repay outstanding debt with BDO Unibank Inc. The remaining P500 million will be used as working capital.
Wilcon tapped First Metro Investments Corp. and BDO Capital & Investments Corp as underwriters for the offering of 1.393 million primary shares at P5.68 apiece.