MerryMart Consumer Corp. priced its initial public offering at the maximum of P1 per share, allowing it to raise as much as P1.6 billion in proceeds.
MerryMart president Ferdinand Sia said in a letter to the Philippine Stock Exchange Friday said it would offer of up to 1.594 billion in common shares to the public.
The grocery chain, owned by businessman Edgar Sia II, is pursuing the IPO amid current slump in the equities market brought about by the new coronavirus (COVID-19) pandemic.
The Philippine Stock Exchange has dropped nearly 30 percent dince the start of the year due to the severe impact of the COVID-19 pandemic across the globe.
The company will sell at least 70 percent of the shares totaling 1.116 billion shares to qualified institutional investors and 30 percent or 478,482 million common shares to small local investors.