Figaro Coffee Group Inc. shares closed at P0.77, up P0.02, on its trading day.
It sold to the public 930.17 million shares and another 93.02 million shares at P0.75 apiece, raising P767.4 million.
Figaro said the fund will be used for store openings and renovations, commissary expansion, debt repayment, IT infrastructure development, and potential acquisitions.
Ramon Monzon, Philippine Stock Exchange president, said Figaro’s listing bodes well for the capital market, as this is the first time since 2003 when a company held an initial public offering in the first month of the year.
“The successful completion of Figaro Coffee Group’s maiden sale share demonstrated investor confidence with the product prospects, the company’s food and beverage brand as well as its strategic objective to further grow its business,” he said.
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.
The Figaro Group intends 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.
It plans to open 35 Angel’s Pizza in various locations in the National Capital Region (NCR), Bulacan, Laguna, Cavite, Pampanga and Batangas in the next three years.
The Figaro Coffee and Tien Ma’s will expand to various locations in Metro Manila including malls, hospitals and mixed-use areas or central business districts in the next three years as well.
Eighteen TFG Express will be put up in various locations in NCR in three years’ time. – Ruelle Castro
