First Metro gets IPO of the Year award

The initial public offering (IPO) of Wilcon Depot, Inc. was awarded Best IPO Philippines at The Asset Triple A Country Awards. First Metro Investment Corp., the investment banking arm of the Metrobank Group, was the Sole Issue Manager, Bookrunner and Joint Lead Underwriter of the P7.04 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 P5.05 per share, Wilcon’s share price has increased by 95% to P9.85 per share as of Jan. 29, 2017. Wilcon was the largest domestic IPO led by a single issue manager and bookrunner. In photo during the awards dinner (L-R) are First Metro president Rabboni Francis Arjonillo, First Metro first vice-president Abigail Magpayo, Wilcon chairman emeritus William Belo, and Wilcon chief finance officer Mark Belo.