The board of Philippine Stock Exchange Inc. approved the initial public offering application of AllDay Marts Inc. (ALLDY).
The company, which will list on the main board of PSE, will offer the shares from Oct. 18 to 25.
It will offer up to 6.86 billion primary shares, with an over-allotment option for another 685.71 million shares at a price of up to P0.80 apiece. The final offering price will be determined on Oct. 12 after the company conducts a book-building process.
“We are pleased that we will be welcoming AllDay Marts as an addition to our roster of listed firms and we are glad that it chose the equities market to raise capital for its financial requirements and expansion plans,” said PSE president and chief executive Ramon Monzon.
ALLDY will use proceeds from the IPO for debt repayment, capital expenditures and initial working capital for store network expansion.
Ten percent of AllDay Marts’ firm offered shares will be reserved for local small investors who may subscribe to the IPO through the PSE EASy website (http://easy.pse.com.ph) or mobile application.