Villar’s AllHome offers shares at P11.50 apiece | Inquirer Business

Villar’s AllHome offers shares at P11.50 apiece

/ 05:10 AM September 27, 2019

Tycoon Manuel Villar Jr.-led home improvement retailer AllHome Corp. has set its initial public offering (IPO) price at P11.50 per share, bringing the equity deal to as much as P14.83 billion.

This price is equivalent to around 20 times the projected earnings for 2020, based on an earlier range given by an underwriter.


AllHome’s IPO was priced at the lower end of the indicative price range of between P11.50 and P14 per share, cutting the prospective deal size from as much as P18.06 billion.

The offering of AllHome will start on Sept. 30 up to Oct. 4. Listing on the Philippine Stock Exchange’s (PSE) main board under the trading symbol HOME will be on Oct. 10.


Following a nine-day roadshow conducted across Manila, Hong Kong, Singapore, London, New York and San Francisco, the international tranche of the offering was oversubscribed by three times the base offer, a source privy to the offering said Thursday. This was also the largest local IPO since October 2016.

“Despite being multiple times oversubscribed at the international tranche, the issuer has decided to price it attractively,” Lauro Baja, managing director at UBS Philippines, said in an interview.

UBS AG Singapore acts as sole global coordinator and bookrunner while CLSA Ltd. and Credit Suisse (Singapore) Ltd. are the two other bookrunners.  PNB Capital and Investment Corp. and China Bank Capital Corp. are the domestic underwriters.

AllHome will offer 750 million new common shares along with the 375 million secondary shares held by AllValue Holdings Corp., which has the option to offer 168.75 million more.

The offer shares represent 34.5 percent of AllHome’s issued and outstanding capital stock.

For the year 2018, AllHome chalked up P511.4 million in net profit out of P7.19 billion in revenues.

In the six-month period ending June, AllHome’s net profit rose by 293.3 percent year-on-year to P434.3 million while revenues improved by 66.9 percent to P5.05 billion.


AllHome plans to open up to 20 new stores this second half of 2019. In 2020, it plans to open up to 25 new stores.

“It’s the fastest growing listed retail company in the Philippines. It’s a niche within the retail universe and home improvement is arguably the most interesting segment when the country is growing fast,” Baja said.

Baja added the affiliation with leading homebuilder Vista Land ensured an automatic customer base for AllHome. He also noted the firm would benefit from the vast nationwide footprint of the Villar family.

Founded only five years ago, AllHome, Baja said, was the fastest startup to go public and reach close to a “unicorn” or $1-billion valuation.  Post-IPO, the final price will give it a market capitalization of P43.12 billion.

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TAGS: AllHome Corp., home improvement retailer, initial public offering (IPO), Manuel Villar Jr.
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