By RUELLE CASTRO
AllHome Corp., the home furnishing business of the Villar family, will have its initial public offering (IPO) by September 30 to October 4, 2019, after the Philippine Stock Exchange (PSE) approved its listing plans.
AllHome is looking to raise P20.7 billion from a sale of combined primary and secondary shares, eyed for listing by October 10. It will sell 1.125 billion new and secondary common shares with another 168.75 million shares covering the greenshoe option, at an offer price of up to P16 apiece.
Of the IPO shares, 750 million will be new common shares while 375 million shares will be sold by the Villar family’s AllValue Holdings Corp. The overallotment shares will also be secondary shares from AllValue Holdings.
The offered shares cover 30 percent of the firm’s outstanding capital of 3.75 billion shares, sans the overallotment option.
The company said the proceeds of net P11.46 billion will be used for capital expenditures and initial working capital to fund store expansion, and for debt repayment.
Axelum Resources Corp. meanwhile will also hold its P7.7-billion IPO between September 24-30. It plans to sell as much as 700 million primary shares and 430 million secondary shares at an offer price of up to P6.81 apiece.
Axelum, which produces coconut products, will use the net proceeds from the primary offer to fund strategic acquisitions, expand its domestic and international distribution networks, install new manufacturing facilities for new products, and improve and expand existing manufacturing facilities, said Romeo Chan, Axelum chairman.
“A portion of the proceeds will also be utilized to retire our loans, reduce payables, and for other capital expenditure requirements,” Chan added.
“We are excited with the back to back maiden offerings as we know investors have been waiting for IPOs in the stock market. We are pleased that Axelum and AllHome decided to raise capital through the equities market as both companies are a welcome addition to the roster of listed firms in the Exchange,” said Ramon Monzon, PSE president.