Restaurant chain operator Gweilo Corp. has upsized its planned public offering and is now looking to stage its delayed market debut before the year ends.
In an amended filing, Gweilo told the Securities and Exchange Commission (SEC) that it was now planning to offer up to 105 million primary common shares—from the initially announced 95 million—at the same price of P1 per share.
The volume, if fully taken up, will mean a 34 percent public float given the firm’s issued and outstanding capital stock of 305 million common shares.
The SEC approved Gweilo’s IPO last May and the Philippine Stock Exchange (PSE) gave its go-signal in July. The firm had initially planned a June listing but delayed this given market volatility.
Based on the amended timetable, the offer period will now run from November 23 to December 1 and PSE listing will be on December 11.
IPO proceeds will go to the expansion of company-owned Mario’s Kitchen and Stackers, the implementation of unified information technology systems, research and development, as well as working capital to be utilized from next year up to 2018.
The company intends to open at least 15 Mario’s Kitchen branches by 2020 – 10 of which will be company-owned branches and five franchised. Most will be in Metro Manila, one will be in Tagaytay and two in the Ilocos region.
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.
Gweilo was originally expected to be the second domestic IPO in 2015, following pipes and plastics maker Crown Asia that debuted in April after raising P222.78 million. Chemicals trader SBS Philippines was the next to go public in August, netting P1.15 billion from its IPO.
Next up this year is Gaisano-owned Metro Retail Stores Group, Inc., which is scheduled to list on Nov. 12. It is hoping to raise P6.17 billion via the sale of 1.012 billion shares priced at P6.10 each.
Also likely to list before the year ends, with PSE approval the remaining hurdle, is construction firm Datem, Inc., which wants to raise P4.65 billion from the sale of up to 329.046 million shares at P14.15 per.
If all comes to fruition, the PSE will be able to meet its IPO target of five for 2015. This, however, is lower than the goal of nine to 10 announced earlier this year.