MerryMart to list today at PSE

MANILA, Philippines — MerryMart Consumer Corp., the grocery and supermarket operator  of property tycoon Edgar “Injap” Sia II, will brave the stock market today, making it the first company to list this year.

MerryMart is planning a P1.6-billion initial public offering of  1.6 billion primary common shares at a maximum price of P1 each or proceeds of up to P1.6 billion to be used for capital expenditures and working capital for store network expansion.

The SEC approved in an en banc meeting in March MerryMart’s registration statement for 7.6 billion common shares to be listed and traded on the main board of the Philippine Stock Exchange.

MerryMart tapped PNB Capital and Investment Corp. as the sole issue manager, lead underwriter and sole bookrunner.

The listing was pushed back by two months because of the coronavirus disease 2019 or COVID-19 to today, June 15.

Formerly Injap Supermart Inc., MerryMart is a  consumer-focused retail company principally engaged in the operation of retail stores in the supermarket and household essentials categories.

It operates three grocery retail formats: MerryMart Grocery, a full-size supermarket; MerryMart Market, a medium-sized specialized grocery; and MerryMart Store, a small-sized household essentials store.

With the IPO proceeds and as part of its store network expansion, MerryMart intends to open 12 additional stores by the second quarter of 2020. The company further aims to open its 100 branches by the fourth quarter of 2021.

Sia believes prospects are rosy because MerryMart Consumer is in the essential businesses especially during the time of COVID-19.

MerryMart sells primarily necessities like supermarket and pharmacy goods.

“Just like Mang Inasal and DoubleDragon, our team and myself will pour in the passion, sincerity, determination, focus and hard work toward the goal of MerryMart, another company that will grow rapidly and eventually become strong, durable and relevant for many generations,” Sia said.