All Home Corp., the home improvement retailing company of billionaire Manuel Villar, priced its initial public offering at P11.50 per share, the low end of the indicative price range of P11.50 to P14 apiece.
All Home at P11.50 per share will raise as much as P14.83 billion in proceeds from the sale of up to 1.12 billion of primary and secondary shares with an overallotment of up to 168.750 million shares. The offering period will start from Sept. 30 to to Oct 4, with the listing date tentatively set on Oct. 10 under the trading symbol “HOME.”
The offered shares represent 30 percent of the company’s total outstanding capital stock.
All Home plans to use net proceeds from the offering to fund the company’s capital expenditures and initial working capital, store expansion and debt repayment.
The company has committed to a policy of declaring an annual dividend payment ratio of 15 percent to 30 percent of the net income after tax of the preceding fiscal year.
Since its incorporation in 2013, All Home has opened 25 stores as of June 30, 2019, with an aggregate net selling space of approximately 196,327 square meters across 20 cities and municipalities. It plans to open up to 20 more stores for the remainder of 2019.
Its product offering spans seven key categories from over 800 local and international brands, including 18 in-house brands. The product categories are furniture, hardware, appliances, tiles and sanitary wares, homewares, linens and construction materials.
All Home increased its net income in the first half of the year by 293 percent to P434.3 million from P110.4 million year-on-year
First-half revenues jumped 67 percent to P5.05 billion from P3 billion in 2018.
The company tapped UBS, CLSA and Credit Suisse as joint book runners and PNB Capital and Investments Corp. and China Bank Capital Corp. as local underwriters of the offering.
All Home will be the fourth listed company of Villar group, which also owns Vista Land & Lifescapes Inc., Golden Bria Holdings Inc and Star Malls Inc.