National

MerryMart seeks P1.6B IPO

MerryMart seeks P1.6B IPO

DoubleDragon and MerryMart chair Edgar “Injap” Sia II

Retailer MerryMart Consumer Corp., led by young tycoon Edgar Sia II, is planning a P1.6-billion stock market debut early this year.

Based on a preliminary prospectus filed on Monday at the Securities and Exchange Commission, MerryMart plans to sell as much as 1.594 billion primary common shares at a maximum price of P1 each.

The target offer period will be on March 23 to March 27 this year while the target listing date is on April 2 this year.

PNB Capital and Investment Corp. was appointed as lead underwriter, issue manger and bookrunner for the offering.

The company expects to operate a total of 27 branches by the second quarter of this year. It expects to scale up to 100 branches by the fourth quarter of 2021 and 600 branches by 2025. By 2030, it expects to have 1,200 branches nationwide that will rake in P120 billion in systemwide revenues.