The Philippine-based supermarket operator has filed for an up to IPO (Initial Public Offering) for up to $119M.
Despite the nation battling one of the worst Coronavirus outbreaks across Asia, AllDay Mart could be the sixth company to launch a Philippine IPO this year. The brand intends to sell up to 7.5 billion shares including the over-allotment option, at a maximum price of $0.0159 per share. The move would add to a robust pipeline of share sales on the country’s bourse.
According to the filing by AllDay Mart, the company intends to use the net proceeds from the offer primarily for debt repayment and capital expenditures and initial capital for store network expansion.
AllDay has opened 33 stores since its incorporation in December 2016 and is owned by the family of Manuel Villar, the Philippines’ richest man. Filing prices in the Philippines are typically set well above the final selling price and the number of shares for sales can also be reduced.
