The Securities and Exchange Commission on Thursday approved the P21-billion maiden share sale of property developer DM Wenceslao & Associates Inc. in what could be this year’s largest initial public offering.
DM Wenceslao, based on the prospectus filed with the SEC, plans to sell up to 493.54 million shares at P44 apiece this month. Of the total offer shares, 429 million are primary common shares.
DM Wenceslao’s selling shareholder Wendel Holdings Inc. granted the underwriters an option to sell another 64.375 million secondary shares to cover overallotment.
The company tapped BPI Capital Corp., CLSA Limited., Deutsche Bank AG and Maybank ATR Kim Eng Securities Pte. as the joint global coordinators and book runners for the IPO.
DM Wenceslao said it planned to use the proceeds from the IPO to fund the development of its pipeline projects, purchase land assets and develop infrastructure at Aseana complex in Parañaque City.