DM Wenceslao revives IPO plan

MANILA, Philippines — D.M. Wenceslao & Associates Inc. is reviving plans for an initial public offering (IPO) and is looking to list on the stock exchange next year, its top official said.

“It will proceed. We might do it in the second quarter of next year,” company chairman and president Delfin Wenceslao Jr. told The STAR in a chance interview recently.

He said the listing was merely postponed and not scrapped.

 “It’s just postponed. We need to update our documents because the SEC has a lot of requirements that we need to update,” Wenceslao said.

 When asked about the amount, Wenceslao said it was still being finalized.

 The company was supposed to go public as far back as 2015 but moved this to 2016 only to postpone it again.

At the time, D.M. Wenceslao wanted to raise up to P21.72 billion through an offering of493.54 million shares, including an over allotment option of 64.37 million shares, at a maximum price of P44 each.

Proceeds were supposed to go to the development of the company’s pipeline projects, obtain land assets through potential share acquisitions, develop infrastructure within Aseana City and its other general corporate purposes.

Located next to Entertainment City in Paranaque, Aseana City has a size of 204 hectares and is dubbed as the next major central business district in Metro Manila.