AllDay Marts Inc., a grocery chain operator led by the Villar Group, plans to raise P6 billion from an initial public offering to bankroll expansion and repay debt.
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AllDay on Wednesday filed an application with the Securities and Exchange Commission to sell up to 6.857 billion common shares with an overallotment option for another 685.7 million shares at an offer price of P0.80 apiece.
The company had 33 stores as of end-June. As part of store network expansion, it seeks to have 45 stores by end-2022 and 100 stores by end-2026.
AllDay is a subsidiary of AllValue Holdings Corp., the unlisted retail holding company of the Villar family.
The company tapped PNB Capital and Investment Corp. as the sole issue manager for the IPO.
