Manny Villar foregoes P1.5B after slashing AllDay Mart's IPO price to 60 centavos
Business

Manny Villar foregoes P1.5B after slashing AllDay Mart’s IPO price to 60 centavos

AllDay Marts Inc. has priced its initial public offering at 60 centavos per share, bringing its total offer size to P4.5 billion from P6 billion.

Blyonaryo Manny Villar-led grocery chain will offer 6.857 billon shares and another 685.714 million shares as over-allotment option, proceeds of which will fuel the company’s expansion plans.

Apart from the construction of new stores, the money to be raised from the IPO will be used to repay debt and support other capital expenditures.

Based on the latest timetable submitted to securities regulators, the offer period will run from October 15 to 25 while listing is set for November 3.

From its current 33 branches, AllDay Marts aims to expand its store network to 45 by 2022 and further to 100 by end-2026.

PNB Capital and Investment Corp. is sole issue manager and lead underwriter and bookrunner alongside BDO Capital & Investment Corp and China Bank Capital Corp.

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