AllDay Marts Inc. said its AllDay Supermarket looks to expand its store network to 100 stores by 2026.
For the rest of the year, the company is looking to open stores in Mandaluyong and Sucat, on top of the four stores AllDay Supermarket has opened so far this year –Talisay, Bacolod, Cauayan in Isabela and Sto.Tomas in Batangas. It now has 33 stores.
“AllDay Supermarket has previously announced that in 2022, it will open 10 more stores to grow its network to 45 by the end of the same year. AllDay aims to have 100 locations nationwide by 2026,” the company said.
To complement its store experience, AllDay Supermarket operates its own e-commerce platform.
AllDay’s stores are located across 25 cities and municipalities across the country.
AllDay is looking to sell to the public 7.54 billion shares, divided into 6.86 billion primary shares covering the initial offer and another 685.71 million secondary shares owned by mother company AllValue Holdings, at an offer price of up to 0.80 per share.
Of the proceeds, P548.6 million will go to AllValue Holdings.
PNB Capital and Investment Corp. will server as sole issue manager, and together with BDO Capital & Investment Corp. and China Bank Capital Corp. will serve as joint lead underwriters and joint bookrunners.
The Villar-controlled company said it will use the proceeds to pay off debt and for capital expenditures and initial working capital for store network expansion.
AllDay said with the proceeds of the IPO, it will retire its P4.1 billion “high-cost debt” it tapped from seven banks it used to fund store network expansion.
