MANILA, Philippines – Billionaire Manny Villar's AllHome gained some 0.5% on its first day of listing at the Philippine Stock Exchange (PSE) on Thursday, October 10.
The home furnishing chain opened at P11.62 apiece, higher than its initial public offering (IPO) of P11.50. It went as low as P11.42, but ended the trading day at P11.56.
AllHome's IPO is the biggest listing the local bourse has seen since Pilipinas Shell in 2016.
NOW: listing ceremony of Manny Villar’s AllHome. This is the PH’s biggest IPO in recent years. It raised $250 million. @rapplerdotcom from @PhStockExchange pic.twitter.com/FMsXBGzU2p — Ralf Rivas (@RalfRivas) October 10, 2019
"Shares were trading relatively sideways for most of the session. However, investors bought up in the afternoon when the company disclosed future plans," said Luis Limlingan of Regina Capital.
Camille Villar, AllHome vice chairperson, said in an interview with ANC that the company aims to double its market share to over 14% in just a year after going public.
AllHome has 27 stores with net selling space of over 215,000 square meters in 22 cities. It aims to double its current space by the end of 2020.
The PSE index gained over 1% and ended the trading day at 7,765.
All counters were also in the green, with properties gaining the most by 1.3%.
There were 93 advancers, while 78 declined and 53 were unchanged. More than 1.36 billion shares valued at P14.46 billion changed hands.
Foreign buying stood at P10.6 billion, while foreign selling was at P5.5 billion, bringing net foreign buying to P5.1 billion. – Rappler.com