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Home Business Corporate

All Home, Axelum get nod to hold October IPO

Jenniffer B. AustriabyJenniffer B. Austria
August 29, 2019, 8:20 pm
in Corporate
Reading Time: 2 mins read
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The Philippine Stock Exchange approved the application of coconut processor Axelum Resources Corp. and homeware store chain operator All Home Corp. to hold initial public offerings in October this year.

AllHome, based on the offer terms approved by the PSE, plans to list its shares on the main board of the PSE on Oct 10. Axelum aims to list its shares on Oct. 7.

Axelum Resources, which will use the stock symbol “AXLM,” will offer 1.13 billion shares at a price of up to P6.81 apiece.

AllHome, with the ticker “HOME,” will offer 1.125 billion shares at a price of up to P16 each.

The determination of the offer price for the securities of both companies will undergo a book building process.

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“We are excited with the back-to-back maiden offerings as we know investors have been waiting for IPOs in the stock market. We are pleased that Axelum and AllHome decided to raise capital through the equities market as both companies are a welcome addition to the roster of listed firms in the exchange,” said PSE president and chief executive Ramon Monzon.

Monzon said the upcoming IPOs would have a local small investor component where 10 percent of the offered shares would be allocated for LSIs.

Axelum is a fully-integrated manufacturer of coconut products for domestic and international food and beverage companies, confectioneries, bakeries, private label supermarkets and grocery store chains, food service industries, coconut coffee creamer manufacturers, cosmetics and diet prepared food market.

It plans to use the proceeds from the IPO for strategic acquisitions, expansion of domestic and international distribution network, installation, improvement and expansion of manufacturing facilities, retirement of loans and reduction of payables and other capital expenditure requirements.

AllHome is a chain of home stores owned by the Villar group.  Net proceeds from the maiden share offering will be used to fund the company’s capital expenditures and initial working capital to support the expansion and debt repayment. 

The company had 25 stores with a net selling space of 196,327 square meters across 20 cities and municipalities as of end-June.

Its product offering spans seven key categories from more than 800 local and international brands, including 18 in-house brands. These product categories are furniture, hardware, appliances, tiles and sanitary wares, homewares, linens and construction materials.

AllHome plans to open 19 stores in the second half and another 19 stores next year.

Tags: All Home Corp.Axelum Resources Corp.Philippine Stock ExchangeRamon Monzon
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Jenniffer B. Austria

Jenniffer B. Austria

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