Villar's AllDay Mart P6-B IPO scores SEC thumbs up

Villar Group's supermarket operator AllDay Marts Inc.'s plan to raise about P6 billion from offering its shares to the investing public has secured the approval of the Securities and Exchange Commission (SEC).

In a statement on Friday, the SEC said in its Commission En Banc meeting on September 23, it has considered “favorably” the initial public offering (IPO) of AllDay Marts.

The corporate regulator said it resolved to render effective the registration statement of the Villar-led company.

AllDay Marts plans to offer up to 6,857,143,000 primary common shares with an 685,714,000 common shares at a price of P0.80 per share. 

The shares will be listed on the Main Board of the Philippine Stock Exchange (PSE).

Net proceeds from the sale of the primary offer shares could amount to P5.296 billion.

The company could raise an additional P530.5 million, assuming the overallotment option is fully exercised, according to the SEC.

The company intends to use the proceeds from the IPO for debt repayment, capital expenditures, and initial working capital for store network expansion.

AllDay Marts is a supermarket operator with a total of 33 stores spanning 55,881 square meters in aggregate net selling space, as of June 30.

The company plans to expand its store network to 45 by 2022 and 100 by the end of 2026.

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

AllDay Marts tapped PNB Capital and Investment Corp. as sole issue manager for the transaction.

PNB Capital will also work with BDO Capital & Investment Corp. and China Bank Capital Corp. as joint lead underwriters and joint bookrunners.

AllDay is a subsidiary of AllValue Holdings Corp., which owns and operates AllHome, AllDay RX, Coffee Project, Ruined Project, Bake My Day, Gastroville, Paluto, Finds, AllDay Convenience Stores, and a number of other food and retail concepts. —Ted Cordero/KBK, GMA News