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Megawide Construction Corporation has raised ₱5.3 billion from its oversubscribed offering Series 6 Preferred Shares which it has listed on the Philippine Stock Exchange (PSE) on April 14, 2025.
In a disclosure to the bourse, the firm said the offer was 1.7 times oversubscribed from the base offer of ₱3.0 billion. The offering had an oversubscription option worth another ₱3 billion.
“We would like to express our sincerest gratitude to everyone who contributed to the success of our Series 6 Preferred Shares offering – from our underwriters, our counsels, the regulatory bodies, and most especially, to our investors and financial partners,” said Megawide Chairman and CEO Edgar Saavedra.
The Public Offer period ran from March 26 to April 4, 2025, with completed bids consisting of ₱1.78 billion Series 6A, ₱1.19 billion Series 6B, and ₱2.30 billion Series C.
PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp., were the Joint Issue Managers, Joint Lead Underwriters and Joint Bookrunners for the exercise.
“There’s much to look forward to in the years ahead, as we continue to anchor on our engineering and construction DNA, coupled with our pre-cast and construction solutions advantage, to drive our forward integration into scalable and responsive business platforms, such as our foray into real estate development,” said Saavedra.
He noted that, “Against the backdrop of a national housing crisis, we believe there are significant opportunities in the local real estate space, especially end-user demand in the affordable and socialized housing segments in next wave cities and suburban areas outside of Metro Manila.”
High preference for the Series 6C Preferred Shares indicated investor appetite for longer-term instruments.
“The result of the offer also suggested a strong vote of confidence in Megawide’s financial health, strategic initiatives, and overall long-term prospects. We were happy to have taken part in this journey,” said PNB Capital President Gerry Valenciano.
Megawide grew its order book to P43.5 billion as of end-2024, with P17.2 billion new contracts (adjusted to reflect updated contract prices) signed during the year.
The long-term, sustainable objective is to have an equal share between organic projects, private commercial and industrial developments, and public infrastructure – as the government rolls out large-scale infrastructure projects under its priority agenda
