Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

AllDay prices IPO shares at 60 centavos apiece

By Keren Concepcion G. Valmonte, Reporter

ALLDAY Marts, Inc. has set the final offer price of its initial public offering (IPO) at 60 centavos per share or 25% lower than the 80-centavo high-end price in its prospectus, the Villar-led company told the exchange on Wednesday.

The company is offering 6.857 billion shares for 60 centavos each, with an overallotment option of 685.71 million shares. The company may raise nearly P4.53 billion should the overallotment option be exercised.

Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message that the lowered price may “encourage more investors to participate in the offering given the potential capital appreciation in the open market upon listing day.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a separate Viber message that the final price “could also reflect business or economic challenges since the pandemic started last year amid restrictions on minors and senior citizens from going out, thereby reducing foot traffic or sales for some retailers.”

Proceeds from the offer will be used to repay debt as well as for capital expenditures and initial working capital for its store network expansion.

AllDay is planning to expand its 33-store network to 45 by the end of next year, and up to 100 stores by end-2026.

According to its preliminary prospectus dated Sept. 28, the company is looking to conduct its offer period from Oct. 18 to 25.

Meanwhile, its listing at the main board of the Philippine Stock Exchange is tentatively slated for Nov. 3. Shares of AllDay will be listed under the ticker symbol “ALLDY.”

The company engaged PNB Capital and Investment Corp. as the sole issue manager of the offer and it will be joined by BDO Capital & Investment Corp. and China Bank Capital Corp. as joint lead underwriters and bookrunners.

Incorporated in December 2016, AllDay has since grown to record a net income of P220 million in 2020, surging from P17 million in 2017.

In August, AllDay reported a first-half profit growth of 58.8% to P179.6 million year on year, driven by a 19.7% sales improvement to P4.49 billion.

AllDay is part of the Villar group of companies, along with other listed firms AllHome Corp., Golden MV Holdings, Inc., and Vista Land & Lifescapes, Inc.

In a separate disclosure to the exchange on Wednesday, home improvement firm AllHome said it is close to vaccinating 100% of its work force across 55 branches nationwide as part of the Villar group’s VHealthy initiative.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Economy

With the onset of the pandemic, new routines replaced many day-to-day operations to curb the novel COVID-19 virus’s spread. While most tasks are...

Economy

Forbes 30-under-30 alumnus goes head-to-head with Amazon with smartphone-based retail checkout solution In 2015, MishiPay CEO Mustafa Khanwala waited 20 minutes in a...

Editor's Pick

PHILSTAR/MIGUEL DE GUZMAN Singapore — India, South Korea, and Thailand faced mounting coronavirus infections on Thursday, undermining...

Economy

Debenhams is to reopen 97 of its high street stores on Monday for a closing down sale to clear stock before they finally shut...

Disclaimer: SecretsOfRichDads.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Secrets Of Richdads. All Rights Reserved.

    Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!