The Philippine Stick Exchange has approved Figaro Coffee Group Inc.’s P1.77- billion share sale plan.
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.
The company operates 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.
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 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. I
Figaro eyes to have its IPO December 16 to 22, 2021, with listing eyed on December 31.
