AllDay Marts—controlled by billionaire Manuel Villar—plans to raise up to 6 billion pesos ($119 million) from its initial public offering, jumping on the IPO bandwagon in one of Southeast Asia’s hottest markets for maiden share sales.
The supermarket chain plans to sell as much as 7.54 billion shares—including the overallotment option of 685.7 million shares—at a maximum price of 0.80 pesos apiece, according to the company’s IPO prospectus filed with the Securities and Exchange Commission. Proceeds from the maiden share sale will be used to repay debts, it said.
Established in 2016, AllDay currently has 33 stores across the Philippines and operates an online grocery delivery service. The company plans to triple its branch network to 100 stores by 2026.