SEC approves MerryMart’s P1.6 billion IPO

MANILA, Philippines — Unfazed by the coronavirus outbreak, grocery and supermarket operator MerryMart Consumer Corp. of property tycoon Edgar “Injap” Sia II, is proceeding with its P1.6 billion initial public offering (IPO).

The company’s IPO has received the green light from the Securities and Exchange Commission.

“Prospects of the business are good. (The COVID-19 situation) will not change the long-term growth prospects (of MerryMart),” Sia told The STAR yesterday.

MerryMart will offer 1.6 billion primary common shares at a maximum price of P1 each or as much a P1.6 billion to be used for capital expenditures and working capital for store network expansion.

It has tapped PNB Capital and Investment Corp. as the sole issue manager, lead underwriter and sole bookrunner.

Formerly Injap Supermart Inc., MerryMart is a consumer-focused retail company principally engaged in the retail operations of supermarkets.

As part of its store network expansion, MerryMart intends to open 12 additional branches by the second quarter. It seeks to open its 100 branches by the fourth quarter of 2021.

The SEC also approved Filinvest Development Corp.’s fixed rate bonds amounting to P8 billion, comprising five-year bonds due 2025 and seven-year bonds due 2027.

Likewise approved was Altus Property Ventures’ plan to distribute up to 100 million common shares as property dividends to the stockholders of Robinsons Land Corp. and list by way of introduction on the small main board of the PSE.

The dividend shares, representing 100 percent of the issued and outstanding common shares of Altus, will have an initial listing price of P10.10 per share.