Milbank Tweed Hadley & McCloy advised BPI Capital Corporation and Maybank Kim Eng Securities as joint global co-ordinators and bookrunners in connection with integrated property developer D M Wenceslao & Associates’ (DMWAI) IPO of 679,172,800 common shares valued at US$152 million.
The deal marks the first IPO in the Philippines this year and the first international IPO out of the Philippines in almost two years. The company was listed on the Philippine Stock Exchange (PSE) on 29 June.
The transaction included an over-allotment option of up to 101,876,000 common shares. Proceeds from the IPO will be used to further expand DMWAI’s real estate development footprint with mixed-use commercial and residential projects in Aseana City, one of the largest mixed-use business districts in the Manila Bay area.
Capital Markets partner James Grandolfo and counsel Paul Pery led the Hong Kong-based Milbank team, which included Ari Singzon, Cheyne Cudby and Liam O’Hagan.