For decades, Philippine entrepreneurs and family-owned businesses have grown steadily — cautiously expanding, reinvesting profits, and keeping leadership within the family. But today, business moves faster, competition is fiercer, and opportunities stretch beyond traditional limits.
The new generation of founders and next-generation leaders is building for scale, embracing transparency, and looking to the public market. Yet the journey to an initial public offering (IPO) requires more than ambition — it demands resilience, governance, and readiness for investor and regulatory scrutiny.
At a recent forum hosted by Metrobank and its investment banking arm, First Metro Investment Corp. (FMIC), these themes took center stage. Titled “Your Journey to Higher Value,” the event gathered select clients to share insights on how to approach an IPO and the opportunities it presents.
FMIC President Anthony R. Ocampo emphasized, “The decision to take your company public is a transformative undertaking, one that needs meticulous planning, seamless execution and a dedicated advisor with a support team.”
Metrobank and FMIC serve as that trusted team. With Metrobank’s over 60 years of banking experience and FMIC’s capital markets expertise, they strengthen a company’s credibility throughout the listing process. FMIC, one of the country’s top and multi-awarded investment banks, leverages on strong local and international investor relationships to help companies achieve broad market exposure and strong investor demand during their IPO.
Whether working with fast-growing startups, expanding family firms, or businesses looking to diversify their capital, Metrobank and FMIC offer tailored strategies to maximize valuation and market positioning.
Why Go Public?
The Philippine Stock Exchange, Inc. Executive Vice President and COO Atty. Roel A. Refran, who was a keynote speaker during the event, stressed that an IPO offers more than capital — it benefits employees and, from a strategic point of view, makes the business more sustainable for the long-term. “You can align your employees with your interest through stock ownership or purchase plans, but ultimately, going public allows your company to evolve and undergo a transformation in a lot of ways from a private to a publicly listed company with public investors who are now equity owners of the listed company,” he said.
FMIC SVP and Head of Products and Markets Abby Buenviaje explained, “Do we stay a private company or do we take the leap forward and go public?’ An IPO is not just a financial event, it’s about a transformation. It’s about unlocking value, accelerating growth, and cementing your legacy.”
Wilcon Success Story
One of the most notable IPO success stories is Wilcon Depot Inc. (PSE: WLCON). Founded in 1977 by William Belo as a small hardware store, Wilcon went public in 2017 through a ₱7.04 billion IPO, driven by strong interest from institutional investors -both foreign and local- and retail investors. At the time, Wilcon had 36 stores. Today it operates 103 stores nationwide, nearly triple its size at IPO.
Wilcon CEO Lorraine Belo-Cincochan shared the company’s motivation for going public, emphasizing Wilcon’s commitment to grow while remaining sustainable and preserving the legacy built by her father. She expressed pride in the company’s accomplishments and its deep sense of responsibility to employees, partner-suppliers, and customers. Going public, she noted, instilled greater discipline and accountability in Wilcon’s operations, raising performance standards even amid growth pressures. As she put it: “When you list, you execute and deliver — it’s about telling people what you will do, and then actually doing it.”
According to Ms. Buenviaje, Wilcon’s IPO was a standout example of how capital markets can catalyze transformation. “Wilcon’s IPO was about more than raising funds – it was about unlocking long term value. We worked closely with the company to streamline its structure and focus investor attention on its high-growth retail segment. Our team coordinated every step– from business restructuring and regulatory approvals– to investor roadshows and pricing strategy. What made the difference was how clearly Wilcon’s leadership communicated their vision. Investors saw a growth story they could participate in.”
IPO as part of Estate Planning
Atty. Gabriel A. Dee, Managing Partner at Picazo Law, said an IPO can support estate planning by securing a founder’s legacy and efficiently distributing assets. “Estate planning helps avoid strife among heirs,” Dee said.
He referenced the familiar “three-generation curse”: the first generation builds the business, the second enjoys or expands it, and the third runs it down. “People often think estate planning is just about tax savings, but it’s more than that. If you want to honor the legacy of earlier generations, what better way than to get listed? Then when they get listed, they don’t know what to do with the proceeds. In both situations, the bankers can do it for you.”
Dee added, “You’re not in the business of maintaining stock price; you’re in the business of running the company. The market will reward you.”
Guiding Companies to Higher Value
Taking a company public is a major milestone — and a complex one. With Metrobank and FMIC as trusted partners, companies gain critical market insights, access to a robust investor network, and expert guidance.
More than just a growth strategy, going public helps ensure a lasting legacy for Philippine businesses.
Hong Kong-based financial publication FinanceAsia recently recognized FMIC for excellence in investment banking and navigating the financial markets. It was awarded as the Philippines’ top investment house in the Best Debt Capital Markets category for the second consecutive year in 2025. It was also named as the Best Investment Bank from 2023 to 2024. In 2023, it earned the Best Equity Capital Markets House title.
