Manny Villar’s AllDay Marts hit ceiling price the second it debuted on the Philippine Stock Exchange (PSE) on Wednesday, November 3, leaving many retail investors unable to get a piece of the coveted stock.

From its initial public offering (IPO) price of P0.60 apiece, shares of AllDay immediately surged by 50% to P0.90 upon opening and stayed there until market close.

Total volume of AllDay reached 450.8 million, making it one of the most actively traded stocks of the day.

AllDay raised P4.5 billion from its IPO, four times oversubscribed.

The company will use the funds to pay debt and expand its store network to 100 by 2026.

Arnel Pepito, portfolio manager of Eastern Securities, said the strong price movement was due to the smaller IPO price, which was adjusted to P0.60 from the indicative price of P0.80.

According to Pepito, investors also speculated AllDay would “follow the DNA of both Merry Mart and Golden MV Holdings, two of the most successful IPOs.”

“Another thing is the good timing on improving market condition and positive demand on consumer spending this holiday season,” he added.

AllDay’s debut comes at a time when the government has further eased COVID-19 restrictions.

The PSE index gained 1.1% on Wednesday, with most counters in the green. Only mining and oil slipped, losing 0.3%.

Advancers outnumbered decliners, 104 to 99, while 46 were unchanged.

A total of 2.3 billion shares changed hands on Wednesday, with a total value of P7.5 billion. – Rappler.com