Villar to raise USD 119 million from IPO for AllDay

Manny Villar scored a triumph with the recent initial public offering for his company AllDay Martsplans.

Image courtesy of Forbes and Agence France-Presse via Getty Images

Forbes has recently reported that AllDay Martsplans of Philippine billionaire and former senator Manny Villar has raised up to 6 billion Philippine pesos or USD 119 million from its initial public offering, joining other IPOs in Southeast Asian markets for maiden sales of shares.

The prospectus of the Philippine chain of supermarkets for the IPO filed with the Philippine Commission on Securities and Exchange wrote its plan to sell as much as shares worth 7.54 billion—with the option to over-allot shares worth 685.7 million—up to 0.80 Philippine pesos apiece. It plans to use proceeds from the maiden sale of shares to repay debts.

AllDay has been holding 33 stores and delivering groceries online since 2016, planning to triple its network of branches to 100 stores by 2026.

Philippine groceries have been selling last year despite the economic recession due to COVID-19. AllDay profited more than twice to 219.6 million Philippine pesos last year, as sales grew by 68 per cent to 7.9 billion Philippine pesos in 2019.

AllDay has planned to offer for October 15 to 25 and list for November 3, being one of the two recent IPOs of the Villar group that wants USD 200 million for its trust for investing in real estate from the spinoff of some commercial properties of its flagship Vista Land & Lifescapes.

The Philippine market is among the most active ones for launching IPO in Southeast Asia this year. Three Philippine companies such as Monde Nissin have reaped USD 1.5 billion from their IPOs this year, with the offering by the maker of instant noodles worth USD 1 billion in June the largest.

The 71-year-old Villar took public in 2019 AllHome, an associate company of AllDay for improving homes. The World’s Billionaires List in April ranked him the richest Filipino citizen with a net worth of USD 7.2 billion. His wife Cynthia has been serving as a senator.