P5.5B IPO of Shakey’s Pizza PH operator ok’d
The Securities and Exchange Commission has approved a plan by Po family-led Shakey’s Pizza Asia Ventures Inc (SPAVI), a leading full-service restaurant in the country, to raise up to P5.5 billion from a local stock market debut this year.
Based on SEC documents, SPAVI will sell up to 352 million primary and secondary shares – including 46 million shares to meet excess demand, at a maximum price of P15.58 each.
The base offer will consist of 104 primary common shares and 202 million secondary common shares.
This offer will bring to public hands around 23 percent of SPAVI’s shares.
SPAVI, which owns the rights to the Shakey’s trademark, holds the number one position in the traditional full service pizza chain and family style casual dining categories. It is majority owned by the Po Family’s Century Pacific Group Inc (CPGI), parent company of Philippine listed Century Pacific Food Inc (CNPF).