Sia's MerryMart seeks approval for P1.6 billion IPO

ABS-CBN News

Posted at Jan 27 2020 06:31 PM

MerryMary Consumer Corp chairman Edgar "Injap" Sia II poses with Finance Secretary Carlos Dominguez III, Amb. Benedicto Yujuico and Tony Tan Caktiong during the opening of the first outlet in April 2019. The company aims to raise P1.6 billion through its planned initial public offering. Handout

MANILA – Edgar “Injap” Sia II’s grocery venture MerryMart on Monday said it filed an application for an Initial Public Offering (IPO) at the Securities and Exchange Commission to strengthen its businesses.

MerryMart Consumer Corp plans to sell P1.6 billion worth of primary shares at up to P1 per share, the company said in a statement. 

The offer period will be on March 23 to March 27 and the target listing date on April 2, MerryMart said citing official documents.

“Our family initially had no plans to expand the retail business, but our recent experiences made us realize the need for us to be in the modern retail business, and we believe we will be in it while the transition from traditional retail to modern retail is still ongoing,” said Sia, who chairs MerryMart Consumer Corp.

"We believe this step will further strengthen the market grip of all the industries that our group is involved in," he said.

MerryMart is part of the Injap Investments group that hold key shareholdings in DoubleDragon Properties Corp in partnership with Honeystar Holdings Corp of the Jollibee group, it said. 

PNB Capital and Investment Corp have been appointed as lead underwriter, issue manager and bookrunner for the offering. 

The grocery chain opened its first store in April 2019 located at DoubleDragon Plaza. The group aims to open 1,200 branches by 2030 and to reach P120 billion in system-wide sales.