Philippine construction firm and property developer D.M. Wenceslao and Associates Inc. priced an IPO of 679.2 million new shares, representing a 20% stake, at 12 Philippine pesos apiece to raise 8.15 billion pesos, Reuters reported, citing unnamed sources.
The company, which is valued at US$772.1 million, had earlier outlined a price range of 12 to 16 pesos per share for the IPO.
D.M. Wenceslao's listing on the Philippine Stock Exchange is scheduled for June 29, following the retail offer from June 18 to June 22.
The company, which is the master developer of Aseana City in the Manila Bay area, intends to use the IPO proceeds to finance projects, acquire land assets and develop infrastructure in Aseana City.
D.M. Wenceslao suspended a proposed 11 billion-peso IPO in 2015, citing unfavorable market conditions.
As of June 7, US$1 was equivalent to 52.56 Philippine pesos.
