The Philippine Stock Exchange approved the P17.8-billion initial public offering of real estate developer and construction company D.M. Wenceslao & Associates Inc.
Documents filed with the SEC showed DM Wencesalo would offer 679.2 million common shares for P22.90 apiece to raise P15.5 billion in proceeds.
The company set aside an overallotment of 101.876 million shares that could increase the total proceeds to P17.88 billion.
D.M. Wenceslao plans to sell at least 70 percent or 475.27 million shares to foreign investors and 30 percent equivalent to 203.9 million shares to local investors.
The company plans to use net proceeds from the IPO to expand its real estate development portfolio through a mix of commercial and residential projects within its 204-hectare Aseana City.
D.M. Wenceslao tentatively set the offering period on June 18 to 22 and listing date on June 29.
The company tapped BPI Capital and Maybank as the joint global coordinators and book runners of the IPO.
Sources said D.M. Wenceslao was on the road conducting pre-marketing activities that attracted interest from international investors.
D.M. Wenceslao is conducting the IPO amid the current outflow of foreign investments in the local capital markets.
PSE market statistics show foreign investors were net sellers by P48.3 billion from the start of the year up to May 18.
D.M. Wenceslao first filed an IPO application with the SEC in 2015. The company at that time was looking to raise as much as P21.7 billion from the sale of 429 million shares for P44 apiece.
The construction firm decided to defer the maiden share offering because of volatile market conditions.
D.M. Wenceslao reported a net income of P1.56 billion in 2017, up 30 percent from P1.2 billion in 2016 and revenues of P3 billion from P2.1 billion a year ago.