Oct 01, 2021
Supermarket chain operator AllDay Marts Inc. has secured the final regulatory approval to launch its maiden offering of shares estimated to raise as much as P6 billion.
In a statement, the Philippine Stock Exchange said it has approved the initial public offering of bilyonaryo Manny Villar’s AllDay Marts.
“We are pleased that we will be welcoming AllDay Marts as an addition to our roster of listed firms and we are glad that it chose the equities market to raise capital for its financial requirements and expansion plans,” said PSE president and CEO Ramon S. Monzon.
The IPO involves up to 6.857 billion primary common shares to be sold at a maximum price of 80 centavos per share. The final offer price will be set on October 12 following the company’s book-building process.
Based on its prospectus, proceeds from the share issuance will be used to pay down debt and support the company’s expansion initiatives.
The offer period will run from October 18 to 25.
From its current 33 branches, AllDay Marts plans to boost its store network to 45 by 2022 and to 100 by the end of 2026.
PNB Capital and Investment Corp. is sole issue manager, and lead underwriter and bookrunner alongside BDO Capital & Investment Corp and China Bank Capital Corp.