The retail tranche of the P4.5 billion billion initial public offering AllDay Marts Inc. was 1.62 times oversubscribed, requiring the underwriter PNB Capital and Investment Corporation to refund subscriptions that could not be accommodated.
“The overwhelming demand from the Local Small Investors (LSIs) who participated in AllDay’s IPO and subscribed to the Company's common shares resulted in the total demand for the Offer Shares exceeding the maximum allocation of 585.72 million common shares with an oversubscription of 1.11 billion common shares (or 1.62 times),” PNB Capital said.
For this reason and in accordance with the LSI Guidelines, PNB Capital allocated fully paid LSI applications in ascending order (i.e. from the smallest to the largest orders).
“Due to the abovementioned distribution mechanism, certain LSI subscribers may have been allocated shares that are less than the amount subscribed and paid for,” it noted.
PNB Capital said that, “For the affected LSI subscribers, please be advised that the Receiving Agent, Philippine National Bank acting through its Trust Banking Group, shall refund the affected LSI subscriber, without interest, starting on the fifth banking day from the end of the Offer Period or on November 2, 2021.”
Check refunds shalt be available for pick-op at the office of Philippine rotational Bonk, Trust Banking Group,
If check refunds are not claimed after 30 calendar days following the beginning of the refund period, such checks shall be mailed to the LSI Applicant's registered address at the LSI Applicant's risk.
However, for the affected LSI subscribers who processed their payments with COL Financial Group, Inc. and First Metro Securities Brokerage Corp. as the nominated "PSE Trading Participant," refunds will be processed by the Receiving Agent directly with COL Financial and First Metro Sec.
“On behalf of the Company, PNB Capital is truly grateful for the support of the investing public in this monumental IPO. The overwhelming demand is a testament to the high confidence of investors in the Company and the post-pandemic recovery of the Philippine economy,” PNB Capital said.