PSE green-lights IPO of Villar Group’s AllDay Marts

The Philippine Stock Exchange Inc. (PSE) on Wednesday said it approved AllDay Marts Inc.'s initial public offering (IPO).

The Villar Group’s supermarket operator plans to offer up to 6.857 billion primary common shares with an overallotment of up to 685.714 million common shares priced at P0.80 per share, to raise about P6 billion.

The final offer price will be determined on October 12, 2021, with the offer period scheduled from October 18 to October 25, 2021, before being listed on the PSE’s Main Board on November 3, based on the timetable submitted to the corporate regulator.

“We are pleased that we will be welcoming AllDay Marts as an addition to our roster of listed firms and we are glad that it chose the equities market to raise capital for its financial requirements and expansion plans,” PSE president and CEO Ramon Monzon said in an emailed statement.

The IPO was approved by the Securities and Exchange Commission (SEC) last week.

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

AllDay has tapped PNB Capital and Investment Corp. as the sole issue manager for the offer, while BDO Capital & Investment Corp. and China Bank Capital Corp., along with PNB Capital, will serve as joint lead underwriters and joint bookrunners.

AllDay ended the first six months of the year with a 19.7% increase in sales to hit P4.493 billion, and 58.8% increase in net profit to P179.6 million.
The company targets to reach 45 All Day stores by 2022, and 100 stores by the end of 2026.

AllDay is a subsidiary of AllValue Holdings Corporation, 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. — BM, GMA News