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Integrated Filipino property developer gets SEC OK for planned 15.55B-peso IPO

The Philippines' Securities and Exchange Commission approved DM Wenceslao and Associates Inc.'s plan to list on the local stock exchange and raise up to an estimated 15.55 billion pesos in proceeds, The Manila Times reported May 16.

According to a filing, DM Wenceslao's IPO will comprise a primary offering of up to 679,172,800 common shares priced at 22.90 pesos each, with an overallotment option for 101,876,000 shares. All the shares to be issued are intended for listing and trading on the Philippine stock exchange under the DMW symbol.

The public-listing aspirant's real estate business involves the sale, development and leasing of residential and commercial properties. It has a pipeline of three residential developments and six commercial projects with a combined gross saleable floor area of about 88,315.6 square meters and a total gross leasable floor area of approximately 264,574.6 square meters. All of the projects are on track to be completed within the next five years.

From the offering, the integrated property developer is expecting net proceeds of nearly 14.42 billion pesos. The company plans to use the raised funds to develop its pipeline projects, procure land assets through potential share purchases, fund infrastructure developments within its 571,050.7 square-meter Aseana City estate and for general corporate expenditures.

BPI Capital and Investments Corp. and Maybank Kim Eng Securities Pte. Ltd. are the joint global coordinators, book runners, domestic lead managers and underwriters for the offering. Maybank is also the sole international lead manager and underwriter.

As of May 15, US$1 was equivalent to 52.60 Philippine pesos.