Wilcon Depot gets warm reception at PSE debut

Rappler.com

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Wilcon Depot gets warm reception at PSE debut
The leading home improvement retailer is the first company to be listed on the stock exchange this year

MANILA, Philippines – Wilcon Depot, Incorporated, a market leader in the home improvement retail sector, ended its first day on the stock exchange with a closing share price of P5.33 a piece, up from its P5.05 offer price.

The company debuted its shares with the stock symbol “WLCON”.

The stock traded at a high of P5.3,  with lowest shares sold at P5.17. Average traded price was at P5.29 before market close.

Wilcon raised over P7 billion in proceeds on its listing. 

The company seeks to raise about P8 billion to fund expansion efforts as it eyes urban centers in the Visayas and Mindanao. Wilcon, which operates a network of 36 depots and community stores, aims to add 29 stores to its network over the next 5 years.

Warm reception

“It was well received because based on close, which was P5.30, the stock was 5.54% up from its opening price,” said Luis Limlingan, head of research and sales at brokerage firm Regina Capital Development Coporation in a phone interview.

Demand for the company’s shares was seen as it opened at P5.30, higher than its initial offering price of P5.05.

“It was also well received considering the market was down 20 points today,” said Limlingan.

Value turnover of the shares was P1 billion, roughly 12% of the market.

Wilcon is the first company to be listed on the Philippine Stock Exchange this year.

PSE Chairman Jose T. Pardo said in his welcome remarks during the listing ceremony, “This market debut may just be the beginning of even more exciting things to come for Wilcon especially as it solidifies its position in the market.”

Pardo added, “The story of Wilcon parallels the story of many Filipino entrepreneurs whose modest business operations have been transformed by their big and ambitious goals and aspirations to eventually become a publicly-listed company.” –Rappler.com

 

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