SEC clears IPO of Manny Villar’s All Home
Bilyonaryo Manny Villar will have another gem on the Philippine Stock Exchange.
The Securities and Exchange Commission (SEC) has approved the P20.7 billion initial public offering of Villar’e home improvement retailing firm AllHome Corp.
AllHome is selling to the public as much as 1.29 billion shares, 750 million of which comprise primary shares. Around 375 million secondary shares will be sold by key shareholder AllValue Holdings Corp.
An additional 168.75 million will be offered in case of strong demand.
The offer shares, representing 34.5% of the company’s outstsnding capital, wl be sold at a maximum price or P16 each share.
About P11.46 billion of the total net proceeds will be used to fund capital expenditures and initial working capital foe stoee network expansision, debt repayment and for general corporate purposes.