PROPERTY and construction company DM Wenceslao and Associates, Inc. has set the final price for its initial public offering (IPO) at P12.00 per share.
The company expects to raise up to P8.5 billion from the offering of 679.2 million shares.
In its term offer filed with the Philippine Stock Exchange last month, DM Wenceslao said it aims to use the proceeds to fund the development of pipeline projects, acquire additional land bank, develop infrastructure projects within its flagship project Aseana City in Pasay, and for other general corporate purposes.
BPI Capital and Investments Corp. and Maybank Kim Eng Securities Pte. Ltd. will serve as joint global coordinators and bookrunners for the transaction.
This is the company’s second attempt to go public after it deferred an IPO plan in 2015 in which it had originally targeted to raise P15.5 billion by offering the same number of shares at a higher price of P22.90 apiece.
DM Wenceslao is the master developer and primary owner of Aseana City, a real estate development and a growing business district in the Manila Bay area.
The company recorded a net income of P1.56 billion last year, with half of its revenues coming from the leasing of office and commercial space and land rentals.
It has nine property projects in the pipeline, of which six are for commercial purposes while the remaining three are for residential. All projects are set for completion in 2023. ANGELICA BALLESTEROS