SEC OKs P7.9-B Wilcon Depot IPO

The Securities and Exchange Commission ( SEC) has approved the initial public offering of Wilcon Depot Inc. which is estimated to raise as much as P7.9 billion.

Wilcon will hold the offer period on March 13 to 17 while the listing date is slated on March 23.

It commenced the book building process last week, according to First Metro Investment Corp. ( FMIC), the issue manager and joint lead underwriter for the IPO.

An investors’ briefing has been set on March 7.

The company is offering up to 1.4 billion primary shares at P5.68 per share to raise P7.9 billion.

“Wilcon will use the net proceeds of the offer for expansion of store network, repayment of debt and general corporate purposes,” the company said.

The offer shares represent 34 percent of the company’s outstanding common shares post- offer.

Wilcon is embarking on an aggressive expansion aimed at solidifying its presence in existing markets and widening its market outside Metro Manila.

The company is specifically eyeing to expand in Cavite, Zamboanga, Iloilo, Tacloban, Cabanatuan, Bicol, General Santos, Davao, Lucena, Isabela, Tagum, Tuguegarao and Surigao.

Wilcon operates the home improvement and retail construction business of the Belo family, led by its chairman William Belo.

Since opening its first branch in 1977, Wilcon has expanded to a network of at least 38 stores nationwide and successfully established itself as the “top- of- mind” depot for local and international brands of tiles and flooring, plumbing and sanitary wares, electrical and lighting products, hardware and tools and furniture.

It offers local and international brands of tiles and flooring, plumbing and sanitary wares, electrical and lighting products, hardware and tools, furniture, furnishings and houseware, paints, and building materials, among others.

Other companies that are targeting to do a public listing this year are mobile celebrity games provider Xeleb Inc. with a P736 million IPO, technology company Audiowav Inc. ( P2.66 billion) and barrestaurant operator Gweilo Corp. (P125 million).