PSE approves AllDay Marts IPO

MANILA, Philippines — The Philippine Stock Exchange Inc. (PSE) has approved the initial public offering (IPO) application of Villar-owned AllDay Marts Inc.

With the green light from the PSE, AllDay Marts is ready to proceed with its offer period slated on Oct. 18 to 25  and the listing scheduled for Nov. 3.

AllDay Marts will offer up to 6.8 billion primary common shares at a price of P0.80 per share, with an over-allotment option of up to 685.7 million common shares.

The shares will be listed on the main board of the PSE.

“We are pleased that we will be welcoming AllDay Marts as an addition to our roster of listed firms and we are glad that it chose the equities market to raise capital for its financial requirements and expansion plans,” said PSE president and CEO Ramon Monzon.

Net proceeds from the sale of the primary offer shares could amount to P5.296 billion. The company could raise an additional P530.5 million, assuming the overallotment option is fully exercised.

The Villar-led firm will use the proceeds from the IPO for debt repayment, capital expenditures, and initial working capital for store network expansion.

AllDay Marts is a supermarket operator with a total of 33 stores spanning 55,881 square meters in aggregate net selling space as of June 30. It plans to expand its store network to 45 by 2022 and to 100 by the end of 2026.

It  engaged PNB Capital and Investment Corp.  as sole issue manager for the transaction.

PNB Capital will also work with BDO Capital & Investment Corp. and China Bank Capital Corp. as joint lead underwriters and joint bookrunners.