Food group The Figaro Group is looking to raise as much as P1.77 billion through the equities market.
Regulatory filing showed the company whose chain of coffee shops, pizza stores, and specialty cuisine, is looking to sell to the public 1.38 billion shares, divided into an initial 1.26 billion and another 126 million shares covering the overallotment option, at an offer price of up to P1.28 per share.
As of September, the Figaro Group had 52 Figaro coffee shops, 31 Angel’s Pizza outlets, five Tien Ma’s Taiwanese cuisine restaurants, one TFG Express outlet, and one Café Portofino outlet.
The company said it plans to use the proceeds for store openings and renovations; commissary expansion; debt repayment; IT infrastructure developments and potential acquisitions.
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 IT infrastructure; and P600 million for potential acquisition it will carry out in the next three years.
The Figaro Group said that as part of its growth plans, it plans to have a total of about 150 system-wide stores by the end of 2022 and more than 300 system-wide stores throughout the country by the end of 2029.
