THE Philippine Stock Exchange (PSE) last Friday approved the P15.55-billion initial public offering (IPO) of construction and real-estate developer DM Wenceslao and Associates Inc., which could be the first for the year.
The company is set to be listed at the main board of the PSE by June 29 under the stock symbol DMW.
“The Exchange’s approval of the listing of the company’s shares is subject to its compliance with all of the post-approval conditions and requirements of the Exchange,” it said.
Price setting will be made on June 7, while the start of offer period will be on June 18 and will run for that entire week.
The company is selling a total of 679.17 million common shares with an over-allotment option of 101.87 at P22.90 per share.
Proceeds will be mainly used to further expand its real-estate development footprint through a mix of commercial and residential projects in Aseana City.
BPI Capital Corp. and Maybank ATR Kim Eng Capital Partners Inc. were chosen as the lead underwriters and bookrunners for the issuance.
The company owns 57 hectares of land in Metro Manila but most of it is in the 110-hectare Aseana City, one of the country’s largest and fastest-growing mixed-use business districts.
As of end-2017, the company completed more than 100 ports, bridges, expressways and other construction and infrastructure projects across the Philippines.
DM Wenceslao is a 53-year-old property developer and construction firm.
In November 2015 the company secured approval from the Securities and Exchange Commission for its initial public offering, and planned to raise as much as P17.5 billion, one of the biggest listing at the PSE. It then announced it would defer its IPO.