The Securities and Exchange Commission on Thursday approved the P6-billion maiden share offering of AllDay Marts Inc., the grocery chain of tycoon Manuel Villar.
It also approved the P50-billion bond-shelf registration program of Petron Corp.
The SEC in its meeting on Sept. 23 cleared AllDay’s offering of up to 6.85 billion primary common shares at a price of P0.80 apiece, with an over-allotment option for another 685.714 million common shares.
The company plans to use net proceeds from the initial public offering for debt repayment, capital expenditures and initial working capital needed in store network expansion.
AllDay Marts had 33 stores spanning 55,881 square meters in aggregate net selling space as of end-June.
It plans to expand its store network to 45 by 2022 and 100 by the end of 2026.
The shares will be listed on the main board of the Philippine Stock Exchange. Post-IPO, AllDay will have a 33-percent public float, assuming the over-allotment shares are exercised.
It tapped PNB Capital and Investment Corp. as the sole issue manager for the transaction.
PNB Capital will work with BDO Capital & Investment Corp. and China Bank Capital Corp. as joint lead underwriters and joint bookrunners.
Meanwhile, the SEC approved Petron’s P50-billion bond offering program. For the initial offering, Petron will issue P18 billion worth of four-year Series E bonds due 2025 and six-year Series F bonds due 2027.
Proceeds will be used for the redemption of Series A bonds, for the partial financing of a power plant project and for the payment of existing debt.
The offer period will be from Sep. 27 to Oct. 5, 2021. The bonds will be listed in the Philippine Dealing & Exchange Corp. on Oct. 12, 2021.
BDO Capital, China Bank Capital, Philippine Commercial Capital Inc., PNB Capital and SB Capital Investment Corp. will act as joint lead bookrunners and joint lead underwriters for the transaction.