By James A. Loyola
MerryMart Consumer Corporation, the grocery retail chain of tycoon Edgar “Injap” Sia II, is pushing through with its planned ₱1.59- billion initial public offering (IPO) despite the global economic turmoil caused by the COVID-19 pandemic.
In a notice posted by the Philippine Stock Exchange, the firm said it will set its final offering price on May 22, 2020 with the offering period running from May 27 to June 5 and tentative listing date on June 15, 2020. MerryMart is planning a primary offer of 1.59 billion of its common shares at an indicative price of up to ₱1.00 per share.
To assure potential investors, MerryMart said it is in the COVID-19 pandemic-resilient, non-discretionary, basic essential retail category making it a strong and in-demand profile even during these times as it sells primarily necessities like groceries and pharmaceutical products.
“MerryMart Group current¬ly operates 7 branches. MerryMart has several branches that are ready to open as soon as few weeks after the enhanced community quarantine is lifted, and will keep its target to open the 100th MerryMart branch on or before December 2021 next year,” the firm said.
The firm added that, it is poised to secure more superior prime locations around the country, and attract more good talents to join its team after the ECQ is lifted.