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Manila Bulletin devider Business devider Injap's retail chain plans P1.6B IPO

Injap's retail chain plans P1.6B IPO

Published Jan 28, 2020 12:00 am
By James A. Loyola MerryMart Consumer Corporation, a retail concept of entrepreneur Edgar “Injap” Sia II, is planning to raise up to P1.59 billion from an initial public offering to finance its aggressive expansion plans. Documents filed with the Securities and Exchange Commission show, MerryMart is planning to offer up to 1.59 billion shares at their par value of one peso per share with PNB Capital Investment Corporation as its sole issue manager, lead underwriter and bookrunner. MerryMart said it intends to use the proceeds from the IPO primarity for capital expenditures and initial working capital to fund store expansion and acquisition (P1.03 billion), to lease further distribution centers P221 million), and for general corporate purposes (P221 million). The firm plans to open 15 additional stores by the second quarter of 2020. By the fourth quarter of 2021, it aims to have already opened 100 branches—with 25 branches funded capital generated from the IPO. It also plans to set up at least three distribution centers within the next 12 months—one each in Luzon, Visayas and Mindanao. MerryMart is an emerging consumer focused retail company principally engaged in the operation of retail stores in the supermarket and, beginning January 30, 2020, household essentials category. Through subsidiary MerryMart Grocery Centers Inc., the firm will pioneer the franchise business model covering supermarkets and household essential stores in the Philippines. MerryMart stores will consolidate the grocery, personal care and phamarcy needs of its customers. It currently has three formats consisting of MerryMart Grocery which is a full-size supermarket; MerryMart Market which will be a medium format specialized grocery that caters to the upscale market, and MerryMart Store which will be a small household essentials store which combines a mini-grocery, personal care shop, and pharmacy. Currently, MerryMart owns four branches nationwide with its first two branches in Roxas City under the name Injap Supermart. Its two other branches are in DoubleDragon Plaza in the Bay Area and CityMall Calamba, Laguna. By 2030, the firm aims to have 200 MerryMart Groceries and Markets and 1,000 MerryMart Stores operating nationwide for a total of 1,200 branches with a systemwide sales of P120 billion.
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