THE SECURITIES and Exchange Commission has approved a P95 million initial public offering proposed by bar/restaurant operator Gweilo Corp.
Based on documents from the SEC, Gweilo – operator of Mario’s Kitchen and Gweilo – plans to offer 95 million primary common shares for up to P1 per share. The company currently has 84.22 million shares, which means that the public offering will bring 53 percent of the company’s shares to public hands.
Investment house Asian Alliance Investment Corp. was mandated to arrange the offering, proceeds from which were meant to expand and renovate Mario’s Kitchen outlets, expand commissary catering services, represent Mario’s Kitchen brand in various trade shows, implement a unified management information system and boost reserve and development efforts.
After the offering, Gweilo will have a market capitalization of P179.22 million.
The company was incorporated in 2001 primarily as the owner of the first Gweilos Bar in Legaspi Villagem Makati. In 2004, it opened another restaurant in Eastwood City, Libis and another in SM Mall of Asia in 2007.
In 2007, the company acquired Mario’s Kitchen – an offshoot of the Mario’s Spanish restaurant chain – from the Benitez family. This brand opened up to franchising in 2012.
The group afterwards entered new markets, increasing the branches of different brands to 11 from six in 2014. It entered new markets and offered new brands such as Daddy O’s, Grab and Go and Boiler Room.
The company is led by its president Raul de Castro and chair Martin de Castro. Other board members are Luis Manuel Banson, Mark Aeron Sambar, Joseph Alcazar and Mario Jonas de Castro. The independent directors are Chad Dominic Hernandez and Sharlene Golding.
The final timing of the offering and the listing will still depend on approval from the Philippine Stock Exchange. The offering is tentatively scheduled to start on June 1 through June 15 while listing on the local bourse is proposed on June 23 this year.