D.M. Wenceslao & Associates, Inc. (DMWAI), a 53-year-old integrated property developer and construction company, is braving rough market conditions and has priced its initial public offering at P12.00 per share.
This was disclosed by DMWAI Chief Executive Officer Delfin Angelo C. Wenceslao in a disclosure to the Philippine Stock Exchange.
DMWAI said it plans to offer up to 679.19 million shares, or about 20 percent of the company’s total issued shares, for a total offering size of P8.15 billion.
The company has mandated BPI Capital and Maybank as the Joint Global Coordinators and Bookrunners for the IPO.
Proceeds from the IPO will be mainly used to further expand its real estate development footprint through a mix of commercial and residential projects in Aseana City.
DMWAI is the developer and primary owner of Aseana City, one of the largest and fastest growing mixed-use business districts in the Manila Bay Area.
In addition to its property development business, DMWAI is also one of a few AAAA construction companies in the Philippines which speaks of its stability and capacity to undertake large scale infrastructure and construction projects.
Based on the company’s financial statements, around 50 percent of its revenues are recurring from the leasing of office and commercial space and land rentals.
The firm is developing nine real estate projects over the next five years to expand its footprint and broaden its sources of recurring income.
DMWAI chief executive officer Delfin Angelo Wenceslao said the firm has three residential and six commercial developments in the pipeline.
This was disclosed by DMWAI Chief Executive Officer Delfin Angelo C. Wenceslao in a disclosure to the Philippine Stock Exchange.
DMWAI said it plans to offer up to 679.19 million shares, or about 20 percent of the company’s total issued shares, for a total offering size of P8.15 billion.
The company has mandated BPI Capital and Maybank as the Joint Global Coordinators and Bookrunners for the IPO.
Proceeds from the IPO will be mainly used to further expand its real estate development footprint through a mix of commercial and residential projects in Aseana City.
DMWAI is the developer and primary owner of Aseana City, one of the largest and fastest growing mixed-use business districts in the Manila Bay Area.
In addition to its property development business, DMWAI is also one of a few AAAA construction companies in the Philippines which speaks of its stability and capacity to undertake large scale infrastructure and construction projects.
Based on the company’s financial statements, around 50 percent of its revenues are recurring from the leasing of office and commercial space and land rentals.
The firm is developing nine real estate projects over the next five years to expand its footprint and broaden its sources of recurring income.
DMWAI chief executive officer Delfin Angelo Wenceslao said the firm has three residential and six commercial developments in the pipeline.
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