AllDay sets final IPO price at P0.60 apiece

Villar-led AllDay Marts Inc. on Wednesday said it has reduced the price for its initial public offering (IPO), making shares cheaper than it earlier proposed.

In a regulatory filing, the supermarket chain operator said it has set its IPO price at P0.60 per share, lower than the P0.80 apiece earlier announced.

With the final price set, AllDay is projected to generate P4.5 billion, which it plans to use for debt repayments and capital expenditures, as well as initial working capital for store network expansion. It earlier sought as much as P6 billion.

The offering has already secured the green light from both the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC).

Based on the timetable submitted to the corporate regulator, the offer period will start on October 18 and will last until October 25, before being listed on the PSE’s Main Board on November 3.

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.

The company 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.

It aims  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.—AOL, GMA News