Of the 7.59 billion shares registered with securities regulators, 1.594 billion will be offered to the public representing 21 of MerryMart.
PNB Capital & Investment Corp. is the lead underwriter, issue manager and bookrunner for the offer.
Proceeds from the IPO will be used to fund MerryMart’s aggressive expansion program aimed at increasing store network to 100 by the end of 2021 and further to 600 by 2025.
By 2030, MerryMart expects to double its branches to 1,200 as part its goal to hit P120 billion in systemwide sales revenue.
MerryMart currently owns and operates four branches with an aggregate selling space of 5,216 square meters. It also plans to build warehouses and distribution centers across the country.