Investors were delighted with their subscription to MerryMart Consumer Corporation’s P1.59 billion Initial Public Offering ( IPO). Its shares shot up 50 percent to close at the ceiling price yesterday after listing on the Philippine Stock Exchange.
Yesterday, a total of 250 million shares worth P370 million. MerryMart shares exchanged with the price rising immediately. Furthermore, it was above the selling price of P1.00 upon listing. In addition, it was reaching the ceiling of P1.50 per share in just a short time.
In fact, MerryMart was offering P1.00 per share of 1,59 billion of its common stock. IPO proceeds used to fund the growth program.
Finance Secretary Carlos G. Dominguez III, who was a guest at the PSE trading floor listing ceremonies.
He said that a grocery retailer’s stock market debut in the midst of a coronavirus pandemic illustrated strong confidence. Luckily, it was a good innovation in the recovery of the Philippines after a global health crisis.
Dominguez said MerryMart Consumer Corp is an initial public offering (IPO) and stock market listing.
It is a good sign of the country’s economic recovery as it “represents an opportunity for investors to participate in the strong growth that we anticipate in the period ahead.”
On Monday, Dominguez, President, and CEO Ramon Monzon and Sia of the Philippine Stock Exchange (PSE) led the opening bell ceremony of the local bourse. Then, it marks the listing of MerryMart on the Small, Medium, and Emerging (SME) stock market board.
In addition to MerryMart, Sia is also behind community shopping center chain CityMall.
Overall, MerryMart is part of Injap Investments which is one of DoubleDragon Properties Corp’s parent companies.
