MerryMart IPO Hits Ceiling Price in PSE

On June 16, MerryMart (MM) capped its rise at 50% as the first initial public offering (IPO) in the Philippine Stock Exchange (PSE) of the year.

The company led by Edgar “Injap” J. Sia II offered 1.59 billion shares to the public at P1 peso each, closing at P1.50 pesos by the end of the day.

MerryMart’s P1.6 billion peso IPO was oversubscribed by two times and its market capitalization stood at P7.59 billion pesos. PNB Capital and Investment Corp. acted as their lead underwriter, issue manager, and book runner for the offering.

MerryMart has plans to put up 1,200 branches across the country by 2030, where the first hundred branches would be open as early as the fourth quarter of 2021. It believes it will be resilient despite the crisis as its business is in the non-discretionary basic essential retail category.