SEC OKs Wenceslao IPO

An integrated property developer riding on the booming Manila Bay area is coming to market with the Securities and Exchange Commission’s approval of D.M. Wenceslao and Associates’ initial public offering worth as much as P15.5 billion.

DM Wenceslao was authorized to sell 679.17 million new common shares, bringing to public hands about 20 percent of its outstanding shares. This includes an option to upsize the offer by 101.88 million shares.

Based on its March 6, 2018, prospectus, DM Wenceslao plans to offer new shares at up to P22.90 each.

DM Wenceslao plans to use the proceeds from the offering to fund the development of a pipeline of projects, obtain land assets and develop infrastructure within Aseana City.

At least 70 percent of the firm shares are being offered to the international market but outside the United States.

BPI Capital Corp. and Maybank Kim Eng are the joint global coordinators, bookrunners, international lead managers and underwriters for the offering.

DM Wenceslao has a 50-year track record in land reclamation and infrastructure construction in the Philippines. It assisted the government to reclaim Aseana City and thereafter obtained title to a 56.8-hectare portion of the reclaimed land. These pieces of property beside the Pagcor Entertainment City, now valued at P128.9 billion, are available for development.

To date, DM Wenceslao has completed more than 100 land reclamation and construction projects and developed three commercial buildings in Aseana City.

In 2017, the company earned P1.56 billion in net profit, rising from P1.2 billion in the previous year.

Incorporated in 1965, DM Wenceslao is 78.6-percent owned by Wendel Holdings Co. Inc. and 21.3 percent by Delfin J. Wenceslao Jr., the company’s chair and president.