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Thursday, March 28, 2024

Wilcon pegs IPO price at P5-P5.68

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Wilcon Depot Inc. set an indicative price of P5 to P5.68 per share for its planned initial public offering scheduled this month.

Wilcon at this price range is expected to raise between P6.79 billion and P7.92 billion in proceeds from the planned sale of 1.393 billion primary shares.

The company will announce the final price on March 17.

First Metro Investments Corp. and BDO Capital and Investments Corp., the joint underwriters for the planned IPO, said they expected strong demand for the Wilcon IPO from local investors.

“We have no plans to get cornerstone investors because we expect strong demand for this IPO given the positive prospects of the company,” BDO Capital president Eduardo Francisco said.

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Wilcon plans to use the proceeds from the maiden offering to finance the construction of 28 new stores scheduled for opening over the next five years.

The company this year will open seven stores in Bacolod, Cagayan de Oro, Tacloban, Silang, General Trias and other areas with high growth potential. Wilcon’s average investment per store is estimated at P250 million.

Wilcon president Lorraine Belo-Cincohan said in a press briefing the company would aim to be a nationwide player over the next five years with a total of 65 stores across the country.

The planned expansion will enable the company to more than double its net selling area to 530,000 square meters from current 250,000 sq. m. Wilcon has 37 stores, mostly in Metro Manila, serving mostly retail buyers.

Wilcon will be the first company to be listed in the Philippine Stock Exchange this year. It will also be the first engaged in home improvement and construction supply to conduct a public offering.

The IPO offering period is scheduled from March 20 to March 24. Wilcon will use the ticker symbol “WLCON” when it debuts on the main board of the PSE on March 31.

Since opening its first branch in 1977, Wilcon has expanded to a network of 36 stores nationwide, with a complete spectrum of product offerings that include local and international brands of tiles and flooring, plumbing and sanitary wares, electrical and lighting products, hardware and tools, furniture, furnishings and houseware, paints, and building materials. 

It operates its stores under the “Wilcon Depot” and “Wilcon Home Essentials” formats.

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