• Wilcon P7B IPO at P5.05 oversubscribed more than 3X

    0

    SOON-TO-BE listed Wilcon Depot Inc. said its P7-billion initial public offering (IPO) has been oversubscribed 3.7 times due to strong demand.

    Wilcon is the first IPO for 2017. The company offered 1.393 million shares at P5.05 each from March 17 to 24.
    The shares will be listed on the Philippine Stock Exchange on March 31 under the ticker symbol WLCON.

    “The widely anticipated IPO, the very first for 2017, was purchased by a broad spectrum of investors ranging from retail individuals to investment and trust funds, pension and retirement funds, banks, insurance companies and corporations. The purely domestic offering was also participated in by foreign funds keen to capitalize on the country’s healthy economic growth outlook,” First Metro Executive Vice President Justino Juan Ocampo said.

    BDO Capital President Ed Francisco said: “We had no big foreign investors, but they could have gone through brokers as demand is fully taken up. I would say, even then, demand still increased.”

    First Metro Investment Corp. (FMIC) was one of the joint lead underwriters of the IPO together with BDO Capital & Investment Corp. FMIC was also the issue manager and bookrunner for the offer. RCBC Capital Investment Corp. acted as co-lead underwriter while Penta Capital Investment Corp. was a participating underwriter.

    Proceeds will be used for Wilcon’s five-year expansion program that aims to add 28 new branches to its 37-store network nationwide, to repay debt and for general corporate purposes.

    “With the attractive price of the issue, it is no surprise that Wilcon received warm support from investors. When you combine that with the robust prospects of the Philippine economy, the ever-growing housing demand, and positive outlook for the construction and retail sectors, we are confident that Wilcon Depot’s shares will perform very well in the Philippine Stock Exchange,” Ocampo said.

    Wilcon Chairman William Belo said: “The oversubscription of the shares is a testament to the confidence our investors have in our expansion plans and our commitment to remain the Philippines’ leading home improvement retail company.”

    Wilcon is the home improvement and retail construction business of the Belo family. It operates its stores under the Wilcon Depot and Wilcon Home Essentials store formats, known for their one-stop shop concept for customers, industry professionals, do-it-yourself (DIY) enthusiasts, and homebuilders.

    Share.
    loading...
    Loading...

    Please follow our commenting guidelines.

    Comments are closed.