AllDay Marts Inc. expects to raise P4.5 billion from its initial public offering (IPO) after it set the final offer price at P0.60 per common share.
The company informed the stock exchange on Wednesday that its final number of shares on offer is 6,857,143,000 with am option to add up to 685,714,000 shares.
AllDay Marts, the grocery chain owned by the Villar family, said net proceeds of the maiden offering will be used to finance store network expansion. It will also be used for debt repayment.
The company filed the registration statement for its IPO in August. The Securities and Exchange Commission (SEC) green-lighted the application in September.
Based on the latest timetable, the IPO will run from 15 to 25 October while the listing is scheduled on 3 November.
AllDay Marts closed the first half of the year with 33 stores. It aims to build 45 stores by the end of 2022 and 100 stores by the end of 2026.