SEC approves AllDay Marts' P5.8-B IPO
MANILA, Philippines — The Securities and Exchange Commission has cleared the initial public offering of Villar-owned grocery store chain AllDay Marts Inc.
In a statement on Friday, the SEC said it approved the registration statement of AllDay, which is planning to sell 6.9 billion primary common shares at a price of P0.80 each.
In case of strong investor demand, the company would sell 685.7 million more common shares.
Net proceeds from the maiden share sale is estimated at P5.296 billion. Should AllDay exercise the overallotment option, the company is expected to raise another P530.5 million.
AllDay will be listed as “ALLDY” on the main board of the Philippine Stock Exchange on November 3 once it completes its IPO from October 15 to 25, according to the latest timetable submitted to the SEC.
Filing documents show 77.5% of net proceeds will be used to pay old bank loans, which amounted to P4.1 billion as of end-June and were used to fund the AllDay Mart’s spending plans and working capital for its existing 33 stores. The remaining 22.5% will go to capital expenditures and will cover the costs of its store network expansion plans.
After its November listing, AllDay will join other Villar-controlled companies in the local bourse, namely AllHome Corp., Vista Land & Lifescapes Inc., Vistamalls Inc. and Golden MV Holdings Inc.
AllDay is targeting to have up to a total of 45 stores by 2022 and 100 stores by the end of 2026.
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