PSE greenlights AllDay’s P6 B IPO

106
Photo from Manila Bulletin

By Manila Bulletin

The Philippine Stock Exchange’s Board of Directors has approved the listing of the shares of AllDay Marts, Inc. at the bourse’s Main Board—paving the way for the retailer’s P6 billion initial public offering.

AllDay Marts, the operator of AllDay Supermarkets, will be offering up to 6.86 billion primary shares and up to 685.71 million over-allotment option shares at a price of up to P0.80 per share.

The final offer price will be determined on October 12, 2021 after the company conducts its book building process. AllDay will have its offer period from October 18 to 25, 2021 with the listing date set for November 3.

“We are pleased that we will be welcoming AllDay Marts as an addition to our roster of listed firms and we are glad that it chose the equities market to raise capital for its financial requirements and expansion plans,” said PSE President and CEO Ramon S. Monzon.

Proceeds from the IPO will be used by AllDay for debt repayment, and capital expenditures and initial working capital for its store network expansion.

The PSE said 10 percent of AllDay Marts’ firm offer shares will be reserved for local small investors (LSIs), who may subscribe to the IPO through the PSE EASy website (http://easy.pse.com.ph) or mobile application.

The approval of the IPO by the PSE and the Securities and Exchange Commission is seen by the company as a boost of confidence on its resilience despite the COVID-19 pandemic.

READ full story HERE.