MANILA — Philippine property developer D.M. Wenceslao and Associates, Inc. on Tuesday flagged plans to go public by raising up to P15.5 billion ($300 million) in an initial public offering (IPO).

The 53-year-old, family-owned company, said it intends to sell 679.2 million shares, or about 20% of its total issued shares, to finance expansion projects in the 204-hectare residential and commercial district called Aseana City in the Manila Bay area.

The company, which filed the IPO application with the country’s Securities and Exchange Commission, didn’t give details on the structure of the share issue. It said in a statement that the IPO plan will be subject to regulatory approvals and market conditions.

It is the second company this year that formally announced IPO plan in the Philippines, after Del Monte Pacific Ltd. announced last month its planned offering of up to P16.7 billion.

The property developer said its net income rose to P1.56 billion last year, from P871 million in 2015. It gave no income figure for 2016.

Aseana City is home to one of the country’s gambling hubs called the Entertainment City, Manila’s smaller version of the Las Vegas gaming strip. — Reuters

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