<article>Philippines&#8217; <a href="https://www.dealstreetasia.com/?s=DM+Wenceslao+and+Associates+Inc">D.M. Wenceslao and Associates Inc</a> made a lacklustre trading debut, with its shares plummeting as much as 19.5 percent versus the offer price, in the country&#8217;s first initial public offering (IPO) this year.</article>

Philippines&#8217; <a href="https://www.dealstreetasia.com/?s=DM+Wenceslao+and+Associates+Inc">D.M. Wenceslao and Associates Inc</a> made a lacklustre trading debut, with its shares plummeting as much as 19.5 percent versus the offer price, in the country&#8217;s first initial public offering (IPO) this year.
The shares dropped to as low as 9.66 pesos after opening at 11.80 pesos apiece, from the IPO price of 12 pesos, after the real estate developer and construction firm raised 8.15 billion pesos ($152.6 million) from the IPO.
&#8220;The timing was not really that right. The market is in a bear territory and there are risks both domestic and external,&#8221; said Justino Calaycay, head of research at brokerage firm Philstocks Financial Inc in Manila.
D.M. Wenceslao, valued at $762.9 million, listed its shares at a time when the stock market is weighed down by U.S.-driven trade tensions and worries over the weakening peso and rising inflation.
The Philippines&#8217; benchmark index has lost about 16.6 percent year-to-date, making it Southeast Asia&#8217;s worst performer.
D.M. Wenceslao priced the IPO, the first in 10 months in Manila, at the bottom of the indicative range given volatile market conditions, and after Del Monte Philippines Inc postponed its own offering.
Proceeds from the offering will fund the construction of commercial and residential projects in Aseana City, home to Manila&#8217;s smaller version of the Las Vegas gaming strip.
&#8220;These pipeline projects will continue to increase our recurring revenue streams and sustain our long-term growth,&#8221; company President Delfin Angelo Wenceslao said in a statement.
The outlook for the Philippine property sector remains upbeat, buoyed by strong demand for office and residential spaces.
But shares of property firms are dragged by the sector&#8217;s sensitivity to higher interest rates, Philstocks&#8217; Calaycay said.
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Reuters

DM Wenceslao and Associates Inc made lacklustre trading debut, with shares plummeting as much as 19.5% versus the offer price, in country’s 1st IPO this year.

Philippines' D.M. Wenceslao shares slide 20% on market debut

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Philippines' D.M. Wenceslao shares slide 20% on market debut

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