Construction firm wants to raise P15.5-B thru IPO

MANILA -- D.M. Wenceslao & Associates Inc. (DMWAI) , an integrated property developer and construction firm, has asked the Securities and Exchange Commission (SEC) to allow it to raise some PHP15.5 billion funds through initial public offering (IPO).

DMWAI plans to offer up to 679.2 million shares, or about 20 percent of its total issued shares, proceeds of which will be used to further expand its real estate development footprint through a mix of commercial and residential projects in Aseana City.

DMWAI is the master developer and primary owner of Aseana City, one of the largest and fastest growing mixed-use business districts in the Manila Bay Area.

The planned offering remains subject to the requisite regulatory approvals and market conditions.

The company has tapped BPI Capital and Maybank as the joint global coordinators and bookrunners for the IPO.

In addition to its property development business, DMWAI is also one of a few construction companies in the Philippines which undertakes large scale infrastructure and construction projects.

Company filings indicated that while it decided to defer its listing in 2015, the firm has managed to double its net income from PHP871 million in 2015 to PHP1.56 billion in 2017.

The firm deferred its plan to debut on the Philippine Stock Exchange (PSE) three years ago due to unfavorable market conditions.