Milbank Advises on DMWAI's $152M IPO, Marking the Philippines' First IPO in 2018

HONG KONG, July 23, 2018 /PRNewswire/ -- Milbank, Tweed, Hadley & McCloy LLP advised BPI Capital Corporation and Maybank Kim Eng Securities Pte. Ltd. as joint global coordinators and bookrunners in connection with integrated property developer D.M. Wenceslao & Associates, Inc.'s ("DMWAI") initial public offering of 679,172,800 Common Shares, valued at US$152 million. This marks the first IPO in the Philippines in 2018 and the first international IPO out of the Philippines in almost two years. The company was listed on the Philippine Stock Exchange (PSE) on June 29, 2018.

The transaction also included an over-allotment option of up to 101,876,000 Common Shares. Proceeds from the IPO will be used to further expand DMWAI's real estate development footprint with mixed-use commercial and residential projects in Aseana City, one of the largest and fastest growing mixed-use business districts in the Philippines' Manila Bay Area.

Capital Markets partner James Grandolfo and counsel Paul Pery led the Hong Kong-based Milbank team, which included Ari Singzon, Cheyne Cudby and Liam O'Hagan.

Mr. Grandolfo said: "We are incredibly pleased to have advised on this landmark transaction, which will allow DMWAI to continue strengthening its presence within the Philippines' booming real estate market. The success of DMWAI's IPO is also a major milestone for the development of the Philippines' capital markets and points to growing interest among international investors in transactions out of the Philippines."


Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that provides innovative legal services to clients around the world. Founded in New York 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC. Milbank's lawyers collaborate across practices and offices to help the world's leading commercial, financial and industrial enterprises, as well as institutions, individuals and governments, achieve their strategic objectives.  For more information please visit

From: Jocelyn De Carvalho, Public Relations Manager; 212-530-5509;

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