MerryMart shares will start trading today, Monday on the Philippine Stock Exchange(PSE) after the company raised 1.6 billion pesos ($31.89 million) through an initial share sale. Part of the proceeds will fund 25 of the 100 outlets MerryMart plans to have by next year, chairman Edgar “Injap” Sia said.
Injap Investments Inc., owns six billion shares of MerryMart which he acquired at only five centavos each. This means his P300 million is now worth P6 billion and will still control 79 percent of MerryMart after its listing.
MerryMart offered 1,594,936,709 shares to the public at P1 each from May 27 to June 5. It tapped PNB Capital and Investment Corp. as lead underwriter, issue manager and bookrunner for the offering.
DoubleDragon will be the landlord to 120 of the Philippine grocer’s 1,200 stores by 2030, Sia said in a mobile-phone text message. Sia is the chief executive officer of MerryMart and co-chairman at DoubleDragon, a Philippine builder of malls, hotels, offices, and warehouses.
MerryMart currently has seven branches and 14 are currently under construction. It is targeting to open 100 branches by the fourth quarter of 2021 (the IPO funds will be used to build 25 branches) and 1,200 by 2030 with P120 billion annual sales. More..
Sia will hold its bell-ringing ceremony at the opening of the market at 9:30 a.m. Its shares will trade on the small, medium, and emerging (SME) board of the PSE.
-Stockbytes PH, June 15, 2020
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