The Securities and Exchange Commission (SEC) has approved a plan of supermarket operator AllDay Marts Inc. to raise as much as P6 billion through an initial public offering to pay down debt and support expansion plans.

Based on its prospectus filed with the SEC, AllDay plans to sell up to 6.857 billion primary common shares at a maximum price of 80 centavos per share.

In case of strong demand, the company is ready to offer as much as 685.71 million secondary common shares.

Assuming the overallotment option is fully exercised, net proceeds from the sale of the primary offer shares will amount to P5.8 billion.

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

AllDay Marts plans to expand its store network to 45 by 2022 and 100 by the end of 2026 from the current 33 branches.

According to the latest timetable, the IPO will run from October 15 to 25, with listing on the PSE scheduled for November 3.

AllDay Marts has mandated PNB Capital and Investment Corp. as sole issue manager and lead underwriter and bookrunner alongside BDO Capital & Investment Corp and China Bank Capital Corp.

The post Manny Villar gets greenlight for AllDay Mart’s IPO first appeared on Bilyonaryo Business News.



Manny Villar gets greenlight for AllDay Mart’s IPO
Source: Filipino Daily Inquirer