Financial Insights

Richest Man in Philippines Sees Supermarket Stock surged 50% on Debut

Avid retail investors helped make the wealthiest people in the Philippines a little wealthier on Wednesday.

Billionaire Manny Villar’s supermarket company, All Day Marts Inc., raised its daily stock price cap by 50% when its stock was listed on the national stock exchange.

AllDay aims to triple the network of 33 stores in five years.

The market value of the company is about 20.57 billion pesos, while the market value of Merry Mart is about 26.28 billion pesos.

MerryMart rose to about 3.45 pesos per share compared to the IPO price of 1 peso. Share peaked at P8.56 in January.

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