All Home Corp., the home improvement retailing company of billionaire Manuel Villar, reduced its initial public offering price to P11.50 to P14 per share from the original maximum level of P16.
Sources sad the tighter price range was finalized during the company’s book building process.
All Home the current price rqange is set to generate as much as P11.87 billion to P18.11 billion from the sale of up to 1.12 billion of primary and secondary shares, with an over allotment of up to 168.750 million shares
The final offer price will be determined on Sept 26.
All Home plans to use the net proceeds from the offering to fund the company’s capital expenditures and initial working capital, store expansion and debt repayment.
The company as of end June had 25 stores with a net selling space of approximately 196,327 square meters across 20 cities and municipalities.
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 plans to open 19 new outlets in the second half of the year and complete another 19 new stores by 2020.
The company has tapped UBS, CLSA and Credit Suisse as joint book runners, and PNB Capital and Investments Corp. and China Bank Capital Corp. as local underwriters for the offering.
All Home in 2018 increased its net income by 354 percent to ₱511.4 million from ₱112.6 million in 2017. Revenues jumped 46.9 percent to 7.19 billion in 2018 from ₱4.89 billion a year ago.
All Home reported a net income of P207.1 million in the first quarter of the year, up 375 percent from P43.6 million year-on-year.
First-quarter revenues rose 68 percent to P2.38 billion from P1.42 billion a year ago.
