Philippines Furnishing Chain AllHome Sets IPO Guidance, Targets To Raise $150m

Philippines’ AllHome Corp is looking to raise up to 18.1 billion pesos ($347.69 million) as initial public offering (IPO) activity gradually picks up from a depressed 2018 that saw only one company make a debut, and raise about $150 million.

AllHome, a home furnishing chain owned by the Philippines’ richest man, set its IPO price guidance at 11.50 pesos to 14 pesos ($0.22 to $0.27) per share, versus the filing price of up to 16 pesos, according to a term sheet seen by Reuters on Friday.

The price guidance gives AllHome, which operates 25 home improvement stores, most in the capital, Manila, a valuation of $827 million to $1 billion.

Philippine firms are more active in the capital markets this year. Last month, the hospital unit of Metro Pacific Investments Corp filed for an IPO that could generate as much as 83.33 billion pesos ($1.61 billion).

AllHome, a real estate play, is riding the Philippine economic growth story, Robert Ramos, senior vice-president and trust officer of Eastwest Bank in Manila, told Reuters.

“AllHome is already entrenched. They have that advantage,” he said.

The company hired UBS, CLSA, Credit Suisse, PNB Capital and China Bank Capital to arrange the share sale. Its shares will be listed on Oct. 10.

Reuters