MANILA, Philippines – The country's richest man Manny Villar is a step closer to listing his homeware store chain AllHome Corporation on the stock market.
The Securities and Exchange Commission (SEC) approved the planned initial public offering (IPO) of AllHome, which aims to raise P11.5 billion in fresh capital.
AllHome will offer 750 million new common shares along with 375 million existing common shares currently held by AllValue Holdings, which has the option to offer over 168 million more.
This represents 34.5% of the company's issued and outstanding capital stock, which will comprise a total of 3.75 billion shares after the maiden offering and assuming full exercise of the overallotment option.
At a maximum offer price of P16 per share, the company expects to net P11.5 billion from the primary offer.
AllHome will use the raised capital for store expansion, debt repayment, and general corporate purposes.
The company tapped UBS AG-Singapore Branch as sole global coordinator and joint bookrunner. CLSA Limited and Credit Suisse-Singapore will serve as joint bookrunners, and PNB Capital and Investment Corporation and China Bank Capital Corporation as domestic underwriters.
The company intends to list on the local bourse under the ticker symbol HOME.
Go signal for Axelum, too
Meanwhile, the SEC also approved the IPO of Axelum Resources, which aims to raise as much as P4.8 billion.
The coconut product maker will offer 400 million treasury shares and 300 million new common shares along with 430 million existing common shares offered by CP Compass Singapore. After the maiden offering, it will have a total of 4 billion common shares outstanding, with 28.25% in the hands of new investors.
Its maximum offer price is at P6.81 per share.
To facilitate the offer, the company appointed First Metro Investment Corporation and BPI Capital Corporation as joint lead underwriters.
The Misamis Oriental-based company will use the fresh capital for strategic acquisitions, expansion of its distribution network, costs for improving its manufacturing facilities, loan repayments, and other capital requirements.