October 24, 2021 - Sunday
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SEC greenlights AllDay’s P6-billion IPO

September 24, 2021 - Friday 8:09 PM by GDM

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The Securities and Exchange Commission announced Friday it cleared the P5.8 billion initial public offering of supermarket operator AllDay Marts Inc.

In a statement, the SEC said it approved the registration statement of AllDay, which is owned by tycoon Manuel Villar.

AllDay will offer up to 6,857,143,000 primary common shares at a price of P0.80 apiece, with an over-allotment option of up to 685,714,000 common shares. 

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. 

The Villar-led company will use the proceeds from the initial public offering (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. 

It 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.