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Philippine supermarket operator AllDay Mart files for IPO

Philippine supermarket operator, AllDay Marts, has filed for an up to 6 billion pesos (US$119 million) initial public offering (IPO), the corporate regulator said on Wednesday, adding to a robust pipeline of share sales on the country’s bourse.

AllDay Mart is planning to sell up to 7.5 billion shares, including the over-allotment option, at a maximum price of 0.80 pesos ($0.0159) per share, filings with the Securities and Exchange Commission showed.

AllDay Mart could be the sixth company to launch a Philippine IPO this year despite the nation battling one of the worst Covid-19 outbreaks in Asia.

“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 Mart said in its filing.

Filing prices in the Philippines are typically set well above the final selling price, and the number of shares for sale can also be reduced.

AllDay, which has opened 33 stores since its incorporation in December 2016, is owned by the family of Manuel Villar, the Philippines’ richest man.

The offer period was tentatively set for Oct. 15 to 25, followed by its listing on Nov. 3.

The Philippines is enjoying strong interest from companies to debut on the stock exchange despite uncertainties posed by new coronavirus variants that have also clouded the growth outlook for the demand-driven economy.

AllDay Mart joins a slew of IPOs that could result in the Philippines taking the rare top spot in terms of fundraising in Southeast Asia this year.

Three companies have listed this year, including two property firms and a $1 billion IPO by Monde Nissin Corp, the Philippines’ largest to date.

  • Reporting by Neil Jerome Morales; Editing by Ed Davies, of Reuters.

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