Integrated property developer D.M. Wenceslao & Associates, Incorporated raised P8.1 billion through a successful initial public offering (IPO) on Friday.

In a disclosure, D.M. Wenceslao said it sold 679.2 million shares, or 20 percent of its total issued shares at P12 per share.

The company said it will use 49 percent, or about PHP3.7 billion of the net proceeds of P7.6 billion, to fund the development and construction of its nine planned real estate projects.

About P2.9 billion or 38 percent will be used to obtain land assets through potential share acquisitions; while the remaining P1.0 billion or 13 percent is intended to fund the development of infrastructure within Aseana City and for other general corporate purposes.

D.M. Wenceslao chief executive officer Delfin Angelo Wenceslao said the proceeds raised from its IPO will enable the company to expand its real estate portfolio through a mix of commercial and residential projects in Aseana City.

“These pipeline projects will continue to increase our recurring revenue streams and sustain our long term growth,” he said.

The company is the master developer and primary owner of Aseana City, a development project with a total land area of 107.5 hectares located along the coastal waters of Manila Bay.

In 2017, D.M. Wenceslao reported a net income of P1.56 billion, up 30 percent from previous year.

Since 1965, the company has reclaimed more than 2.4 million square meters of land, leased or developed 187,000 square meters of land and buildings, and completed over 100 construction and infrastructure projects including large, complex government developments throughout the Philippines. PNA