Figaro Coffee Group Inc. is moving its initial public offering (IPO) to January 10 to14, 2022 from an earlier planned December sale.
Listing is eyed Jan. 24, 2022.
The timetable is an adjustment from an earlier schedule of December 16 to 22, 2021, with listing initially planned on Dec. 31, 2021.
Figaro intends to offer 1.38 billion shares, divided into an initial 1.26 billion shares and another 126 million shares, at an offer price of up to P1.28 per share, potentially raising for the company P1.77 billion.
Out of the proceeds, the company is allocating P657.6 million for store re-openings and renovations; P350.3 million for commissary expansion; P80 million for debt repayment; P5 million for information technology infrastructure; and P600 million for potential acquisition it will carry out in the next three years.
Abacus Capital & Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp. as joint issue managers, joint lead underwriters and joint bookrunners of the IPO.
The Liu-led company primarily operates restaurants, coffee shops, and refreshment parlors under the brands Angel’s Pizza, Figaro Coffee, Tien Ma’s, TFG Express, and Café Portofino.
It currently owns a total of 90 stores across the five brands.
As of Nov. 10, 2021, the Figaro Group had 55 Figaro coffee shops, 35 Angel’s Pizza outlets, five Tien Ma’s Taiwanese cuisine restaurants, 3 TFG Express outlet, and one Café Portofino outlet.
The Figaro Group is a purely Filipino and home-grown diversified food group with over 28 years experience in the industry.
