Villar welcomes SEC approval of AllDay IPO

MANILA, Philippines — Tycoon Manuel Villar has welcomed the approval by the Philippine Stock Exchange of the initial public offering of AllDay Marts Inc., which is expected to raise up to P6.03 billion.

Villar said the approval of the PSE and the Securities and Exchange Commission is a strong indication of the stability of AllDay, operator of AllDay Supermarkets.

“This brings us closer to our vision to bring to the investing public another pandemic resilient business that continues to rapidly grow amidst the COVID-19 pandemic,” said Villar, chairman of AllDay.

AllDay Marts will offer up to 6.86 billion primary shares and as much as 685.71 million over-allotment option shares at a price of up to P0.80 per share. The final offer price will be determined on Oct. 12 after the company conducts its book building process.

The company, which will list on the main board of the PSE, will start the offer period on Oct. 18 until Oct. 25. Listing is scheduled on Nov. 3.

Net proceeds from the IPO, amounting up to P5.49 billion will be used by AllDay to strengthen its capital base as it executes its nationwide expansion plan.

The Villar-owned supermarket operator targets to have 100 stores by 2026. It has so far rolled out 33 stores as of June and it aims to reach a milestone of 45 stores by 2022.

The company tapped PNB Capital and Investment Corp. as sole issue manager for the transaction. PNB Capital, BDO Capital and Investment Group and China Bank Capital Corp. were picked as joint underwriters and joint bookrunners.