Casual dining firm Gweilo Corp. is set to conduct a P75-million initial public offering this year to finance its expansion programs.
In a registration filing to the Securities and Exchange Commission, Gweilo said it will be offering 75 million primary shares to the public, equivalent to 47 percent of its common shares. IPO price is at a maximum of P1 per share.
No timetable is provided yet for the IPO, but the P66.13 million net proceeds of the offer after IPO-related expenses and taxes will be alloted for Gweilo’s expansion and renovation plans of company-owned outlets.
Aside from expansion, Gweilo will also improve its catering services and commissary, and implement a centralized management information system.
The company’s net income for the first nine months of 2014 increased to P375,777 from P373,705 the previous year, as its revenues in the same period went up P49.9 million from P39.7 million last year.
Incorporated in 2001, Gweilo is engaged in casual dining business, operating brands including Gweilo’s Bar, Mario’s Kitchen, Galleon by Mario’s Kitchen, Grab and Go, and Daddy O’s via company-owned units and franchise deals.
The Philippine Stock Exchange (PSE) is urging small and medium enterprises (SME) to list in the stock exchange given the successful debut of active property firm DoubleDragon Properties Corp. and mobile content provider Xurpas Inc.