The Philippine Stock Exchange has approved the P6.04 -billion initial public offering (IPO) of the Villar-led AllDay Marts Inc.
AllDay Marts is looking to offer 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 Inc., at an offer price of up to 0.80 per share.
Of the proceeds, P548.6 million will go to AllValue Holdings.
The IPO will run from October 18 to 25, with listing on the PSE scheduled for November 3. Pricing for the IPO is eyed Oct. 12, 2021.
AllDay said it will use the proceeds from the IPO for debt repayment, capital expenditures, and initial working capital for store network expansion.
AllDay earlier said that 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.
