Wilcon Depot shares rise in stock market debut

Local home improvement and construction supplier Wilcon Depot, Inc. debuted at the Philippine Stock Exchange (PSE) last week and saw a rise in their share prices before the end of trading day.

The company, which debuted at PSE as WLCON, closed the day at P5.33 per share, up from their initial public offering (IPO) of P5.05 per share. They were also able to raise over P7 billion in total proceeds during their maiden listing on the stock exchange.

Wilcon seemingly defied the odds as it was the most actively traded on the market, closing Friday as the only one in the green at 1,552.15, up by 1.32% or 20.20 points. Wilcon outperformed the benchmark PSE index which closed at 7,311.72 on Friday, down by 0.29% or 20.87 points.

Wilcon chairman William Belo said that the company was focused on expanding their reach in the country, particularly in Visayas and Mindanao. “We feel that now is the time to grow further and the only way to fast-track our opening of branches is to go public so we can put in more branches to capitalize on the booming economy,” Belo said.

20 of the next 29 Wilcon stores that will open over the next five years will be located in Visayas and Mindanao.

“Over the past few years the Philippine economy has been growing in a fast pace. So we feel that now is the time to grow further and the only way to fast-track our opening of branches is to go public so we can put in more branches to capitalize on the booming economy,” Belo said.

Wilcon Depot started out in 1977 as Wilcon Builder’s Supply. Located along Quezon Avenue, they carried an extensive range of the latest building and finishing materials from international and local markets. The first Wilcon Depot was launched in 2003 in Las Piñas and has since spread to 17 branches in Metro Manila and 20 branches in the provinces.

Photo grabbed from PSE and Wilcon

Source: BusinessWorld Online, GMA News Online, Rappler, Manila Standard, Wilcon