Wilcon Depot files for IPO, seeks to raise P7.9B
Home improvement retailer Wilcon Depot Inc. is eyeing to raise close to P8 billion from a maiden offering of shares targeted in March next year.
Based on the prospectus submitted to the Securities and Exchange Commission, Wilcon Depot plans to sell about 1.39 billion shares, representing 34 percent of its outstanding stock, at a maximum price of P5.68 each.
The offering is targeted to start on March 13 and end on March 17, 2017 while the shares are expected to begin trading on March 23.
About 80 percent of the sale proceeds or P6.08 billion will go to store network expansion while P1 billion will be used to settle debt with several banks. Some P500 million has been earmarked for general corporate purposes.
First Metro Investments is the lead underwriter for the offering.
From its first store in 1977, Wilcon Depot has grown its store network to 36.
Founded by William Belo, Wilcon revolutionized the construction-supply industry as it committed itself to providing convenient shopping and excellent services such as delivery services, interior design consultation, recreation corner for children, tile-cutting services, product installations and repairs.
The company plans to expand in the following locations: Cavite, Zamboanga, Iloilo, Tacloban, Cabanatuan, Bicol, General Santos, Davao, Lucena, Isabela, Tagum, Tuguegarao and Surigao.