The Philippine Stock Exchange approved the P1.59-billion initial public offering of MerryMart Consumer Corp., the grocery chain owned by billionaire Edgar Sia II.
Sia, which also owns half of listed DoubleDragon Properties Inc., is braving the volatile market due to new coronavirus (COVID-19) pandemic.
MerryMart, based on the offer terms approved by the PSE, will 1.594 billion common shares at a price of up to P1 per share. The offering period will start from May 27 to June 5.
The shares will be listed under the main board of the Philippine Stock Exchange on June 15.
The grocery chain tapped PNB Capital as the sole book runner of the offering.
MerryMart will use net proceeds from the offering to expand the company’s retain chain.