SEC approves P95M IPO of Mario’s Kitchen operator

MANILA, Philippines – The Securities and Exchange Commission (SEC) en banc approved the P95 million ($2.12 million) initial public offering (IPO) of Gweilo Corporation.

Gweilo is the operator of restaurant chain Mario’s Kitchen. In 2007, the company acquired the Mario’s Kitchen franchise from the Benitez family.  Mario’s Kitchen is an offshoot of the popular Mario’s restaurant chain famed for its traditional Spanish cuisine.

Documents filed with SEC showed that Gweilo will sell 95 million common shares at an offer price of P1 ($0.022) per share. The shares represent 53% of the company’s total issued outstanding capital stock.

Gweilo said it intends to use majority of the net proceeds to expand and renovate the company-owned outlets and its commissary catering services.

Offer period will be from June 1 to 15 and listing date is set on June 23.

Gweilo hired Asian Alliance Investment Corporation as the issue manager and lead underwriter of the offering.

Established in 2001 by Raul, Ruby, and Mario de Castro as a bar and restaurant operator, Gweilo Corporation runs the Gweilos bar and Mario’s Kitchen restaurant chains in Metro Manila.

Gweilo’s planned maiden share sale is the second IPO to be approved by the SEC this year.

SEC first approved this year the IPO of Crown Asia Chemical Corporation, which raised P222 million ($4.96 million) in proceeds. – Rappler.com

$1 = P44.76