Figaro files bid to raise P1.77B through IPO
MANILA, Philippines—Food retailer Figaro Coffee Group Inc. has filed an application to raise as much as P1.77 billion from an initial public offering.
Figaro plans to offer up to 1.26 billion common shares at an offer share of up to P1.28 per share, with an option to upsize by 126 million additional shares, according to a prospectus dated Oct. 24 filed at the Securities and Exchange Commission.
Net proceeds will fund new store openings and renovation, commissary expansion, debt repayment, IT infrastructure and potential acquisitions in the coming years.
Figaro has mandated Abacus Capital & Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp. as joint issue managers, lead underwriters and bookrunners for this equity deal.
Figaro, which has been doing business for over 25 years, operates retail restaurants with 90 branches nationwide and selected offshore markets.
As of September, it operates 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.
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