First Metro receives IPO of the Year Award

THE initial public offering (IPO) of Wilcon Depot, Inc. has been awarded Best IPO Philippines at the Asset Triple A Country Awards. First Metro Investment Corporation, the investment banking arm of the Metrobank Group, was the Sole Issue Manager, Bookrunner and Joint Lead Underwriter of the P7 billion IPO. The offering resulted in an oversubscription of 3.7x as it attracted a broad spectrum of investors ranging from retail individuals to investment and trust funds, pension and retirement funds, banks, insurance companies, corporations, as well as foreign funds. From its IPO price of P5 per share, Wilcon’s share price has increased by 95 percent to P9.85 per share as of January 29, 2017. Wilcon was the largest domestic IPO led by a single issue manager and bookrunner. During the awards dinner, from left: First Metro President Rabboni Francis Arjonillo, First Metro First Vice President Abigail Magpayo, Wilcon Chairman Emeritus William Belo, Mark Belo.