AllHome narrows IPO price

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    AllHome Corp. has narrowed its initial public offering price range to P11.50 to P14 per share.

    This translates to an offering size of P14.88 billion to P18.11 billion, down from an earlier indicative price of up to P16 per share, which would have grossed for the company P20.7 billion.

    AllHome will offer 750 million new common shares along with 375 million existing common shares currently held by AllValue Holdings Corp. with the option to offer 168.75 million more shares.

    The offer shares represent 34.5 percent of the company’s issued and outstanding capital stock, which will comprise a total of 3.75 billion shares after the maiden offering and assuming full exercise of the overallotment option.

    The All Home IPO will run from September 30 to October 4 this year.
    Proceeds from the issuance of new shares will be used by the company for capital expenditures and initial working capital for store network expansion, debt repayment and general corporate purposes.

    Since incorporating in 2013, AllHome has opened 27 stores with an aggregate net selling space of about 215,994 square meters (sq.m.) across 22 cities and municipalities.

    The company will open 18 more stores before the yearend and 25 more in 2020, using funds raised from its maiden offering.

    PNB Capital and Investment Corp. and China Bank Capital Corp. serve as domestic underwriters. UBS AG, Singapore Branch is sole global coordinator, while CLSA Limited and Credit Suisse (Singapore) Limited are joint-bookrunners.

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