The Securities and Exchange Commission (SEC) has approved the market debut of Villar-led supermarket chain AllDay Marts Inc. and another bond offering by Petron Corp. under its shelf registration program.
In its en banc meeting last week, the SEC approved the registration statements for the initial public offering (IPO) of AllDay Marts and Petron’s P50-billion bond sale.
AllDay Marts will offer up to 6.85 billion primary common shares at a price of P0.80 per share, with an over-allotment option of up to 685.71 million in common shares. The shares will be listed on the main board of the Philippine Stock Exchange (PSE).
Net proceeds from the sale of the primary offer shares could amount to P5.29 billion. The company could raise an additional P530.5 million, assuming the overallotment option is fully exercised.
The Villar-led company will use the proceeds for debt repayment, capital expenditures and initial working capital for store network expansion.
AllDay Marts is a supermarket operator with a total of 33 stores spanning 55,881 square meters in aggregate net selling space, as of end-June. It plans to expand its store network to 45 by 2022 and 100 by the end of 2026.
The IPO will run from October 15 to 25, with the listing on the PSE scheduled for November 3, according to the latest timetable submitted to the SEC.
PNB Capital and Investment Corp. has been appointed as sole issue manager for the transaction. PNB Capital, BDO Capital and Investment Corp. and China Bank Capital Corp. were picked as joint lead underwriters and joint bookrunners.
Meanwhile, Petron will offer its P50-billion fixed-rate, peso-denominated bonds in one or more tranches within three years.
For the first tranche, the listed oil refiner will offer to the public up to P18 billion worth of four-year series E bonds due in 2025 and six-year series F bonds due in 2027.
Petron expects to net P17.78 billion from the first tranche. Proceeds will be used for the redemption of its series A bonds, for the partial financing of its power plant project and for the payment of existing debt.
The bonds comprising the first tranche will be offered at face value from September 27 to October 5. It will be listed on the Philippine Dealing and Exchange Corp. on October 12, based on the latest timetable submitted to the SEC.
BDO Capital, China Bank Capital, Philippine Commercial Capital Inc., PNB Capital and SB Capital Investment Corp. were assigned as joint lead bookrunners and joint lead underwriters for the transaction, while First Metro Investment Corp., Land Bank of the Philippines and RCBC Capital will also serve as co-lead underwriters for the offer.
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