MANILA: Philippine supermarket operator, AllDay Marts Inc, has filed for an up to six billion pesos (US$119mil or RM503.61mil) initial public offering (IPO), according to the corporate regulator, adding to a robust pipeline of share sales on the country’s bourse.

       AllDay Marts is planning to sell up to 7.5 billion shares, including the over-allotment option, at a maximum price of 0.80 pesos (0.0159 US cent or eight sen) per share, filings with the Securities and Exchange Commission showed.

       AllDay Marts could be the sixth company to launch a Philippine IPO this year despite the nation battling one of the worst Covid-19 outbreaks in Asia.

       “We intend to use the net proceeds from the offer primarily for debt repayment and capital expenditures and initial working capital for store network expansion,” AllDay Marts said in its filing.

       Filing prices in the Philippines are typically set well above the final selling price, and the number of shares for sale can also be reduced.

       AllDay, which has opened 33 stores since its incorporation in December 2016, is owned by the family of Manuel Villar, the Philippines’ richest man.

       The offer period was tentatively set for Oct 15 to 25, followed by its listing on Nov 3.

       The Philippines is enjoying strong interest from companies to debut on the stock exchange despite uncertainties posed by new coronavirus variants that have also clouded the growth outlook for the demand-driven economy.

       AllDay Marts joins a slew of IPOs that could result in the Philippines taking the rare top spot in terms of fundraising in South-East Asia this year.

       Three companies have listed this year, including two property firms and a US$1bil or RM4.23bil IPO by Monde Nissin Corp, the Philippines’ largest to date. — Reuters