Shares of Villar-led AllDay Marts Inc. soared when it debuted on the Philippine Stock Exchange on Wednesday, hitting the 50-percent ceiling of price increase for the day.
AllDay shares opened at P0.90 per share, up by 50 percent from its initial public offering (IPO) price of P0.60. It stayed at that level for the rest of the day until its close.
“When we priced the IPO, we did so with a mind to help maximize long-term value for our new institutional and retail investors. The brisk market uptake of our shares validates this price and we are very pleased and grateful for the warm reception that the AllDay IPO was given,” said AllDay Chairman Manuel B. Villar Jr.
“This confirms that many share our vision in how to disrupt the supermarket landscape, and that many believe in AllDay’s capability to bring an elevated supermarket experience to more and more Filipinos across the country.”
PSE President and CEO Ramon S. Monzon said AllDay has set a record for the most number of investors who purchased shares using the PSE Easy system developed for individual investors called Local Small Investors (LSI).
Monzon said there were 6,624 small investors from 74 provinces, 2 territories and 26 countries including Papua New Guinea, the newest country to be added in the LSI list of locations overseas, who purchased the AllDay shares.
“They subscribed to more than 1.1 billion shares exceeding the LSI allocation of 685.7 million shares by 1.62 times. I understand that the allotment for institutional investors was likewise 2.5 times oversubscribed,” Monzon said.
The company refunded those who failed to take up the shares.
“We at the PSE remained hopeful and optimistic that the LSI takeup for IPOs would continue to increase, as the number of IPOs grew. Little did that we expect that this soon, the 13th IPO [since the LSI system launched in 2019], the 10 percent LSI allocation would be fully taken up.”
Proceeds of the P4.52 billion IPO will be used to expand AllDay’s stores nationwide.
The company said it intends to reach a milestone of 100 stores by 2026, leveraging its synergistic relationship with sister firm, property developer Vista Land and Lifescapes Inc.
From incorporation in December 2016, the company has rolled out 33 stores to date.
“In a market now characterized by a pandemic and requisite recovery efforts, we know that we are in the best position to serve a market hungry for experiences and not simply essentials, a market ready to ‘re-experience’ retail,” Camille Villar, the company’s vice chairman said.
“We have said over and over, innovation is part of our DNA, and the cornerstone of our strategies. We believe that we have capably demonstrated this, and as we have seen in the warm reception of this initial public offering, and that there are many people who believe AllDay can continue to push forward the Filipino supermarket experience.”
Read full article on BusinessMirror
