Manny Villar’s grocery chain AllDay Marts is seeking P6 billion for its planned initial public offering (IPO), the Securities and Exchange Commission (SEC) said on Wednesday, August 18.
In its prospectus submitted to the SEC, AllDay said it will be offering up to 6.8 billion common shares at a price of up to P0.80 apiece, with an overallotment option of up to 685 million shares.
AllDay will use the funds to pay for debt and its capital expenditures, as well as working capital for its store network expansion. (READ: Manny Villar still Philippines’ richest, most billionaires see drop in wealth)
AllDay currently has 33 supermarkets in 25 cities and municipalities in the Philippines, with a total net selling space of approximately 55,881 square meters.
It recorded P4.5 billion in sales and P179.6 million in net profit in the first half of 2021, equivalent to an increase of 19.7% and 58.8% year-on-year, respectively.
AllDay aims to have 45 stores by 2022 and 100 stores by the end of 2026.
Should AllDay get the nod of regulatory agencies, its shares would be listed on the main board of the Philippine Stock Exchange with the symbol ALLDY.
The company engaged PNB Capital and Investment Corporation as the sole issue manager for the offer. BDO Capital and Investment Corporation and China Bank Capital Corporation, along with PNB Capital, will serve as joint lead underwriters and joint bookrunners. – Rappler.com