Metro Manila (CNN Philippines, September 24) — AllDay Marts Inc., a Villar group-led supermarket chain operator, has secured the approval of the Securities and Exchange Commission (SEC) to conduct a ₱5.8-billion initial public offering (IPO).
In a statement Friday, the SEC said it “considered favorably” the market debut of the company.
AllDay Marts seeks to offer 6,857,143,000 primary common shares, with an overallotment option of up to 685, 714, 000 common shares, priced at ₱0.80 per share.
The shares will be listed on the Main Board of the Philippine Stock Exchange. The IPO will run from October 15 to 25, according to the SEC.
The company could raise ₱5.296 billion from the primary offer shares. If the overallotment is fully exercised, AllDay Marts could get an additional ₱530.5 million.
Proceeds from this will be used to finance its debt repayment, capital expenditures, and store network expansion.
It ended the first half with a total of 33 stores. For next year, the company is eyeing to bolster its footprint by at least 10 more stores.
By 2026, AllDay Marts targets to have a store network of 100.
AllDay Marts engaged PNB Capital and Investment Corporation as the sole issue manager for the transaction.
PNB Capital will also work with BDO Capital & Investment Corporation and China Bank Capital Corporation as joint lead underwriters and joint bookrunners.
