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Wilcon Depot sets market debut on March 31

Wilcon Depot sets market debut on March 31
By Leslie D. Venzon

MANILA (Philippines News Agency) — Soon-to-be listed Wilcon Depot Inc., the country’s premier home improvement and construction supply retailer, is keen on expanding market reach through building its online presence and setting up pop-up stores.

Wilcon Chief Operating Officer Rosemarie Bosch-Ong told reporters they are on the look-out for more business opportunities, such as adopting the omnichannel business model which is both online and offline interactions with consumers.

“We are looking at opportunities where we can sell through online and the customer will pick up (the items) in store. This is buy online and pick up in store,” she said.

Ong said they are also planning to set-up pop-up stores.

“These are the nutrients now in the market wherein pop-up stores are situated in high traffic areas,” she added.

Wilcon stores currently come in two formats: Wilcon Depot and mall-based Home Essentials.

The company, the first home improvement and construction supply retailer to be listed on the Philippine Stock Exchange (PSE), will go public on March 31.

It is expected to raise about Php6.97 billion to Php7.92 billion worth of shares. It will sell 1.393 billion primary shares at an offer price range of Php5 to Php5.68 per share.

The net proceeds of the offer will fund its expansion activities, refinance existing debt obligations and for other general corporate purposes.

“We plan to solidify our presence in existing markets and expand our footprint in fast-growing cities outside of Metro Manila by putting up more stores in the next three to five years,” said Wilcon chairman William Belo.

He said the company aims to build 28 more stores, seven of them to open this year in Bacolod, Cagayan de Oro, Tacloban, Silang, General Trias and other areas that have high growth potential.

Wilcon now operates 37 stores strategically located nationwide.

Meanwhile, the final price will be announced on March 17 while offer period will run from March 20 to 24.

Wilcon appointed First Metro Investment Corp. as issue manager, bookrunner and joint lead underwriter; BDO Capital & Investment Corp. as joint lead underwriter; RCBC Capital Corp. as co-lead underwriter; and Penta Capital Investment Corp. as participating underwriter for the initial public offering. (PNA)

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