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Home furnishing chain of Philippines' richest man files for up to $404 mln IPO

Published 07/18/2019, 01:13 AM
Updated 07/18/2019, 01:20 AM
Home furnishing chain of Philippines' richest man files for up to $404 mln IPO
PSI
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By Neil Jerome Morales
MANILA, July 18 (Reuters) - Philippines' AllHome Corp, owned
by the country's richest man, said late on Wednesday it plans to
raise up to $404 million in the country's largest initial public
offering (IPO) this year, as the bourse trades near multi-month
highs.
The retailer of home furnishing and construction supplies
will sell as many as 1.29 billion shares at a maximum price of
16 pesos a share, the company said in a preliminary prospectus
posted on its website.
The maximum offer price is a placeholder amount included in
the filing to securities regulators. It is not uncommon to cut
the maximum offer price late in the IPO process.
AllHome, owned by Manuel Villar, the Philippines' richest
man, operates 25 home improvement stores mostly in the capital.
It plans to open 19 more stores nationwide, supported by fresh
capital from the IPO.
Private construction of infrastructure and homes is among
the key drivers of the Philippine economy, one of the fastest
growing in Asia.
Under the initial timeline, final pricing is set on Sept.
16, ahead of the offer period on Sept. 18-24 and listing on Oct.
1, AllHome said.
The company's IPO filing comes as the Philippines' broader
index .PSI trades at its highest in 16 months.
The Philippines' benchmark index was up 10.3% year-to-date
on expectations of looser monetary policy. It is the best
performing bourse in southeast Asia, but companies have shied
away from IPOs given sluggish markets early this year.
AllHome hired UBS, CLSA, Credit Suisse, PNB Capital and
China Bank Capital to arrange the share sale.

($1 = 51.03 Philippine pesos)

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