MerryMart Grocery Inc, led by young tycoon Edgar Sia II, is poised to be the first company to bravely face local stock market this turbulent year even as the COVID-19 pandemic takes a heavy toll on the global economy.
The Philippine Stock Exchange (PSE) has approved the P1.6-billion initial public offering (IPO) of MerryMart. The IPO application was approved during the PSE’s board meeting last week, PSE chair Jose Pardo confirmed in a text message on Monday. Sia is not afraid of the Coronaconomy and will proceed with the listing of his company under ticket symbol “MM” on June 15, 2020.
Merrymart intends to finalize its IPO price on May 22 and run the retail offering from May 27 to June 5, subject to receipt of a permit to sell from the Securities and Exchange Commission(SEC).
The company plans to sell as much as 1.59 billion primary common shares at a maximum price of P1 each, with PNB Capital and Investment Corp. appointed as the lead underwriter, issue manager and bookrunner.
“We are okay to proceed with the MerryMart IPO since MerryMart is in the COVID-19 pandemic-resilient nondiscretionary basic essential retail category,” said Sia, who chairs MerryMart.
“We are confident that this MerryMart IPO will provide both the retail and institutional investors an opportunity to be able to invest and spread their portfolio in a resilient sector and also enable them to invest at an early stage of MerryMart’s planned hyper growth in the coming years,” Sia said.
Merrymart aims to cover all the grocery retail categories from small, medium and large grocery retail formats. The grocer will have three (3) grocery retail formats:
- 1. MERRYMART Grocery
- 2. MERRYMART Market
- 3. MERRYMART Store
Injap Investments Inc. is the parent company of MerryMart Grocery Centers Inc.
Merrymart has set its 12-12-12 Vision 2030 with the goal of rolling out a total of 1,200 MERRYMART branches nationwide, it aims to reach Php 120 Billion in system wide sales revenue, and eyes a timetable to achieve the set targets within 12 years from today.
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