Filipino supermarket chain AllDay Marts Inc has filed for an initial public offering (IPO) with the goal to raise some US$119 million, according to filings with the Securities and Exchange Commission.
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The sixth company to launch a Philippines IPO in 2021, AllDay Marts is planning to sell up to 7.5 billion shares, including the over-allotment option, at a maximum price of US$0.0159 per share, said the filing.
AllDay Marts has a market cap of US$629 million.
“We intend to use the net proceeds from the offer primarily for debt repayment and capital expenditures and initial working capital for store network expansion,” AllDay Marts said in its filing.
The offer period will run from 15th to 25th October, while AllDay Marts’ debut on the main board of the exchange is eyed on 3rd November, as reported by the Manila Times.
Founded in late 2016, AllDay Marts is currently owned by the family of Manuel Villar, the Philippines’ richest man, and operates 33 stores nationwide, as well as an online grocery delivery service. The company plans to triple its branch network to 100 stores by 2026.
In 2020, AllDay Marts’ net profit more than doubled to US$4.4 million, as sales climbed 68 percent to US$158.5 million the previous year.
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The Philippines has seen a slew of IPO launches this year, positioning the nation as the leading Southeast Asian nation for public listing. Among the IPOS, three companies have so far raised US$1.5 billion from their IPOs in 2021, including instant noodle company Monde Nissin and its US$1 billion offering in June, the country’s largest IPO to-date.