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D.M. Wenceslao's June 29 IPO in the Philippines gets OK from local bourse

Filipino integrated property developer D.M. Wenceslao & Associates Inc. is targeting a June 29 launch for its IPO on the local bourse to raise 15.55 billion pesos, The Philippine Star reported.

The Philippine Stock Exchange Inc. has given its approval for the company's proposed IPO, which will comprise 679.2 million shares priced at 22.90 pesos apiece, according to the May 28 report that cited an offer term sheet.

Total proceeds from the offering could increase to 17.88 billion pesos if the overallotment option for 101.876 million shares will be fully exercised, the publication reported. The company plans to allot at least 70%, or 475.27 million shares, of the IPO shares to foreign investors, while the remaining 203.9 million shares will be reserved for local investors.

The offering has received the nod from the country's Securities and Exchange Commission and it will run from June 18-22. When the developer filed for the IPO in March, it expected to debut on the bourse June 1.

D.M. Wenceslao, which intends to use a bulk of the net proceeds from the IPO for property portfolio expansion, owns approximately 568,000 square meters in the Aseana City land reclamation project in metro Manila and has a land bank spanning 208,000 square meters located in various parts of the Philippines.

As of May 25, US$1 was equivalent to 52.69 Philippine pesos.