Investors in AllDay Marts Inc.’s P4.52 billion initial public offering (IPO) have more upside potential at the shares’ IPO price of P0.60 apiece, according to Manuel Villar, chairman of, company chairman.
The company priced the IPO at P0.60 per share compared with the indicative maximum price of P0.80 apiece.
The company is looking to sell to the public 7.54 billion shares, divided into 6.86 billion primary shares covering the initial offer and another 685.71 million secondary shares owned by mother company AllValue Holdings Inc.
“We wanted to price the IPO responsibly at an entry point that maximizes long-term value for our new institutional and retail investors,” Villar said.
“We hope to attract long-term shareholders that share our vision in disrupting the competitive landscape and elevating the customer shopping experience of Filipino families in the long run”, he added.
Of the gross proceeds, AllValue Holdings may receive P411 million.
The IPO will run from October 18 to 25, 2021 with listing on the PSE scheduled for Nov. 3, 2021.
AllDay said with the proceeds of the IPO, it will retire its P4.1 billion “high-cost debt” it tapped from seven banks it used to fund store network expansion.