MANILA, Philippines — Home furnishing chain AllHome Corp. announced it was looking to raise up to P20 billion ($404 million) via initial public offering this year, possibly making it the first company to debut on the stock market in 2019.
In a preliminary prospectus dated July 17, the company owned by the Philippines’ richest man, Manny Villar, said it was planning to sell up to 1.12 billion shares for P16 apiece.
AllHome shares will be listed and traded on the main board of The Philippine Stock Exchange Inc. under the trading symbol “HOME.”
The listing of AllHome shares is expected to begin on October 1.
The Villar-controlled company’s announcement came as the Philippine Stock Exchange index was trading above 8,200-level. The main index entered the bull market on Monday.
The PSE closed the first half of 2019 without any maiden share offer as companies stay on the sidelines waiting for better market conditions.
FROM BUSINESSWORLD: Analysts see IPO drought persisting
To date, AllHome has 22 stores and plans to expand in key cities like Davao and Bacolod this year and next. The company has identified 25 to 30 potential sites nationwide. — With a report from The STAR/Iris Gonzales