Shares of Philippine supermarket operator AllDay Marts soared 50 per cent on their market debut this morning, marking a successfully IPO valuing the company at US$89 million prior to listing.

AllDay is owned by the family of Manuel Villar, the Philippines’ richest man. The shares were listed at .60 (US$0.012) pesos each and the stock opened at .90 pesos, reaching the day’s upside limit.

Announcing the IPO plan in August, the company said in its filing it plans to use the net proceeds from the offer primarily for debt repayment and capital expenditures and initial working capital for store network expansion.

AllDay has opened 33 stores since its incorporation in December 2016. 

The company is the sixth to launch a local IPO this year despite the nation battling one of the worst Covid-19 outbreaks in Asia.

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.

• Additional reporting by Reuters.