SEC greenlights AllDay Mart’s P6-B IPO, Petron’s P50-B bond program | Inquirer Business

SEC greenlights AllDay Mart’s P6-B IPO, Petron’s P50-B bond program

/ 05:16 AM September 25, 2021

The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Villar-led AllDay Marts Inc. worth up to P6 billion as well as a P50-billion bond shelf registration of leading local oil firm Petron Corp.

These capital and debt market offerings were approved by the SEC en banc in its meeting on Sept. 23.


AllDay Marts was authorized to offer up to 6.857 billion primary common shares, with an overallotment option of up to 685.714 million common shares, at a maximum price of 80 centavos per share. The shares will be listed on the main board of the Philippine Stock Exchange (PSE).

The company will use the proceeds for debt repayment, capital expenditures and store network expansion.


Expansion plans

AllDay Marts has a total of 33 stores with 55,881 square meters of total net selling space as of end-June. It plans to expand its store network to 45 by 2022 and 100 by the end of 2026.

Subject to approval by the PSE, the IPO will run from Oct. 15 to 25, while listing is scheduled for Nov. 3.

AllDay Marts engaged Philippine National Bank (PNB) Capital and Investment Corp. as sole issue manager for the transaction. PNB Capital will also work with BDO Capital & Investment Corp. and China Bank Capital Corp. as joint lead underwriters and joint bookrunners.

From 2018 to 2020, AllDay’s sales increased to P7.93 billion from P3.04 billion, equivalent to a compounded annual growth rate (CAGR) of 61.4 percent. During the same period, net profit almost quadrupled, growing at a CAGR of 94.9 percent to reach P219.6 million in 2020.

For the first six months of 2021, AllDay delivered P179.6 million in net profit out of P4.49 billion in sales, rising year-on-year by 19.7 percent and 58.8 percent, respectively.

Shelf registration

Petron, meanwhile, was authorized to issue up to P50 billion worth of fixed-rate, peso-denominated bonds under the shelf registration window. This setup will allow it to offer the bonds in one or more tranches within three years.

For the first tranche, Petron plans to raise as much as P18 billion from a public offering of four-year series E bonds due 2025 and six-year series F bonds due 2027.


Net proceeds will be used for the redemption of Petron’s series A bonds, partial financing of its power plant project and payment for an existing debt.

The first tranche is targeted to be offered from Sept. 27 to Oct. 5 and listed on the Philippine Dealing & Exchange Corp. on Oct. 12, based on the latest timetable submitted to the SEC.

Petron engaged BDO Capital, China Bank Capital, Philippine Commercial Capital Inc., PNB Capital and SB Capital Investment Corp. as joint lead bookrunners and joint lead underwriters for the transaction.

First Metro Investment Corp., Land Bank of the Philippines and RCBC Capital will also serve as colead underwriters.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: AllDay Marts Inc., initial public offering (IPO), Petron Corp., Securities and Exchange Commission (SEC)
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.

© Copyright 1997-2021 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.