MerryMart Consumer Corp., the fast-rising supermarket chain owned Edgar Sia II, hit the ceiling on its market debut at the Philippine Stock Exchange Monday.
The share price of MerryMart, the first company to conduct an initial public offering this year, jumped from its initial public offering price of P1 by 50 percent to P1.50 at the opening bell until the market closed.
MerryMart which raised P1.6 billion from the IPO braved the market despite the global market decline brought about by the new coronavirus pandemic.
Finance Secretary Carlos Dominguez III said the IPO and listing of MerryMart amid the coronavirus pandemic signaled strong trust and confidence in early and strong recovery of the Philippine economy from the global health crisis.
Dominguez said the IPO of the MerryMart retail chain was a good sign for the country’s economic recovery as it “represents an opportunity for investors to participate in the strong growth we anticipate in the coming period.”
It also “presents us a glimpse of the coming sunrise” for the country that is now starting to bounce back from the economic fallout from the coronavirus disease 2019 (COVID-19) pandemic, he said.