AllDay Marts, set for P5.8-B IPO, clears all listing hurdles
MANILA, Philippines — The Philippine Stock Exchange greenlit the listing of the Villar-owned grocery chain AllDay Marts Inc. in the local index.
In a disclosure, the local bourse approved the listing of 22.86 billion common shares. Its initial public offer period from October 18 to 25 will see 6.86 billion primary common shares up for sale at P0.80 apiece, according to the offer sheet submitted.
In case of robust investor demand, AllDay would sell 685.7 million more common shares.
Once it completes its IPO, the company will be listed on the main board of the PSE as “ALLDY” on November 3.
Net proceeds from the maiden share sale will be used to pay off old bank loans amounting to P4.1 billion, which was used for capital for its 33 stores. As it stood, the proceeds will fund its store network expansion as the Villar-owned company projected it would build a total of 45 stores by 2022 and 100 stores by the end of 2026.
Once listed, AllDay will join other Villar-controlled companies, namely AllHome Corp., Vista Land & Lifescapes Inc., Vistamalls Inc. and Golden MV Holdings Inc.
- Latest
- Trending
