Figaro Coffee Group Inc. said it is pricing its initial public offering (IPO) at P0.75 per share, while reducing the shares it will sell to 1.03 billion shares from an earlier 1.38 billion target.
The share sale will potentially raise for the company P767.4 million, with the company now looking to sell an initial 930.17 million shares and another 93.02 million shares.
It was earlier looking to sell an initial 1.26 billion shares and another 126 million shares, at an offer price of up to P1.28 per share.
The company is looking to hold its IPO January 10 to 14, 2022, with listing eyed on Jan. 24, 2022.
Abacus Capital & Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp. will serve as joint issue managers, joint lead underwriters and joint bookrunners of the IPO.
The company plans to use proceeds to fund the following projects and plans: store openings and renovations; commissary expansion; debt repayment; IT infrastructure developments and potential acquisitions.
