MANILA, Philippines — The Philippine Stock Exchange has given the green light to two companies that are planning to debut at the Philippine stock market.
These are Villar-owned AllHome Corp., which will be offering 1.125 billion shares at a price of up to P16 per share, and Axelum Resources Corp., which will sell 1.13 billion shares at a maximum price of P6.81 per share.
Axelum’s IPO is scheduled on Sept. 24 to 30, while AllHome’s P20.7 billion IPO is slated from Sept. 30 to Oct. 4, respectively.
Listing of Axelum shares is set on Oct. 7, while AllHome’s IPO is targeted on Oct. 10.
“We are excited with the back to back maiden offerings as we know investors have been waiting for IPOs in the stock market. We are pleased that Axelum and AllHome decided to raise capital through the equities market as both companies are a welcome addition to the roster of listed firms in the Exchange,” said PSE president and chief executive officer Ramon Monzon said.
AllHome will use net proceeds from the IPO, amounting to P11.5 billion, for capital expenditures and initial working capital to fund store expansion. Around P4.5 billion will go to debt repayment.
About 39.8 percent of the net proceeds from the sale of primary shares will be used to repay outstanding short-term and long-term financial obligations.
AllHome retails hardware, appliances, electronic gadgets, indoor and outdoor furniture, homeware, and décors. It has grown to 25 stores as of June 30, with a net selling space of approximately 196,327 square meters across 20 cities and municipalities.
Axelum, meanwhile, plans to raise P4.77 billion from the IPO.
The company is a major manufacturer and exporter of coconut water and is one of the major suppliers of Vita Coco, the global leader in coconut water.
It exported 25 million liters of coconut water in 2018.