The share price of Villar-owned grocery chain AllDay Marts Inc., sizzled in its trading debut at the Philippine Stock Exchange Wednesday as investors bought into the company that is expected to be disrupt the supermarket landscape in the country.
AllDay shares immediately hit the ceiling at the start of trading to close at P0.90, up 50 percent from the initial public offering price of P0.60.
“We are truly excited to bring the AllDay experience public. We have long believed in the Filipinos deserving a better supermarket experience, one that is at par with the best in the world, and this IPO helps us do just that,” said Manuel Villar, chairman of AllDay.
“When we priced the IPO, we did so with a mind to help maximize long-term value for our new institutional and retail investors. The brisk market uptake of our shares validates this price and we are very pleased and grateful for the warm reception that the AllDay IPO was given. This confirms that many share our vision in how to disrupt the supermarket landscape, and that many believe in AllDay’s capability to bring an elevated supermarket experience to more and more Filipinos across the country,” he said.