Richest Man in Philippines Set to See His Supermarket IPO Sizzle
- Billionaire Villar and AllDay Marts raised $89 million
- Investors hoping the stock will match MerryMart’s strong debut
Manuel Villar answers a question during an interview in 2010.
Photographer: Jay Directo/AFP/Getty ImagesThis article is for subscribers only.
AllDay Marts Inc., a supermarket chain founded by the richest person in the Philippines, is poised to jump in its trading debut thanks to heavy retail investor interest.
AllDay’s offer was about four times oversubscribed, with the company and billionaire Manuel Villar raising a combined 4.52 billion pesos ($89 million) by selling 7.52 billion shares at 60 centavos each. Trading is scheduled to begin Wednesday in Manila.