D.M. Wenceslao and Associates completes Php 8.1 billion IPO on Philippine Stock Exchange
Clients D.M. Wenceslao & Associates, Incorporated
Jones Day represented D.M. Wenceslao and Associates, Incorporated (“DMWAI”) as international counsel in connection with the company’s Initial public offering of 679,172,800 Common Shares on the Philippine Stock Exchange. DMWAI successfully raised over 8 billion Philippine Pesos (US$155 million) in its listing in what was the first IPO in the Philippines this year. The transaction also included an over-allotment option for the sale by DMWAI’s majority shareholder of up to an additional 101,876,000 Common Shares. Proceeds from the IPO will contribute significantly to the further development of DMWAI’s real estate projects in Aseana City.
DMWAI is an integrated property developer with an established track record and market-leading capabilities in land reclamation, construction, and real estate development. It possess, in the aggregate, one of the largest land holdings in Metro Manila with a total area of 571,863.8 sq. m. Aseana City, the geographic area that holds the majority of its land holdings, is strategically located next to Entertainment City and the Mall of Asia complex in the Manila Bay area, and is positioned as the next major mixed-use CBD within Metro Manila, comprising recreational and entertainment outlets, commercial and retail developments, prime office space, and residential condominiums.