By Leslie D. Venzon
MANILA, Nov. 22 (PNA) -- Wilcon Depot, Inc., (WDI) the country's leading home improvement and construction supplies retailer, plans to raise Php7.9 billion through an initial public offering (IPO) mainly to fund its expansion activities and refinance existing debt obligations.
According to the company's prospectus filed with the Securities and Exchange Commission (SEC), Wilcon intends to sell around 1.39 billion primary shares at a price of up to Php5.68 per share.
The final offer price shall be determined prior to the scheduled listing on March 2017.
WDI plans to solidify its presence in existing markets and expand its foothold in fast-growing cities outside of Metro Manila by building additional stores in 2017 to 2019 in order to reach and help more Filipinos nationwide.
Wilcon operates the home improvement and retail construction business of the Belo family, led by its chairman William T. Belo.
Since opening its first branch in 1977, Wilcon has expanded to a network of 36 stores nationwide, with a complete spectrum of product offerings, which 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, among others.
WDI operates its stores under the "Wilcon Depot" and "Wilcon Home Essentials" store formats.
For its IPO, Wilcon has appointed First Metro Investment Corporation (FMIC) as the issue manager, lead underwriter, and bookrunner.
FMIC is the investment banking arm of the Metrobank Group, one of the largest financial conglomerates in the country. (PNA)