The Securities and Exchange Commission approved Thursday the planned initial public offering of home improve and construction supplies retailer Wilcon Depot Inc. of the Belo family.
The offering involves 1.39 billion primary common shares priced at a maximum P5.68 per share to raise about P7.9 billion.
Net proceeds from the offering will be used to bankroll Wilcon Depot?s five-year expansion program, pay down debt and for general corporate purposes.
Wilcon Depot aims to boost its store network to 65 by 2021 from 37 as of the end of 2016 in line with its goal to grow its earnings and revenues by 13 to 15 percent annually.
According to documents filed with securities regulators, the offering is expected to kick off on March 13 and will end on March 17. Listing has been tentatively scheduled on March 23.
