Casual dining firm Gweilo Corp. is reviving plans for a maiden share sale on the Philippine Stock Exchange (PSE), after an early attempt to have initial public offering (IPO) last year did not materialize.
The Securities and Exchange Commission (SEC) released on Tuesday a registration filing of Gweilo’s IPO application, indicating the firm’s intent to raise P125 million from a maiden offer of 125 million common shares priced at P1 per share. After the IPO, the company would have a public float level of 38 percent.
Last year, the PSE did not approve Gweilo’s IPO despite the go ahead from the SEC.
Corporate rules dictate that a share sale requires the approval of both the SEC and PSE.
Gweilo shares are expected to list on the PSE’s Small, Medium and Emerging Board.
The company intends to use the net proceeds of P114.92 million from the IPO for growing company-owned stores that include Mario’s Kitchen and Stackers. Part of the IPO proceeds will also be used to finance a franchise show for Mario’s Kitchen, implement a catering service, adopt a unified IT system, as well as research and development, and general working capital.
Gweilo noted in the filing that it plans to build 15 company-owned Mario’s Kitchen stores in Luzon in the five years to 2020, while opening franchising business.
To date, the company operates 17 Mario’s Kitchen branches across the National Capital Region, Calabarzon, and Ilocos Region.
Incorporated in 2001, Gweilo is the operator behind such brands as Gweilo’s Bar, Mario’s Kitchen, Galleon by Mario’s Kitchen, Grab and Go, and Daddy O’s. In July 2015, the company acquired Stackers Burger from I-Foods Group Inc.