Shakey’s to raise P5.5B from IPO

Po family-led Shakey’s Pizza Asia Ventures Inc (SPAVI), a leading full-service restaurant in the country, seeks to raise up to P5.5 billion from an initial public offering this year.

SPAVI filed a prospectus with the Securities and Exchange Commission to 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 offer price is expected to be finalized in November ahead of a possible listing in December 2016.

“We intend to use the offer proceeds for the expansion of our in-house commissary, working capital requirements, potential acquisitions, and repayment of debt,” SPAVI said late Monday.

Deutsche Bank AG was appointed sole global coordinator and bookrunner for the deal.

Shakey’s, recognized globally as the original pizza franchise in the United States, was established in the US in 1954.
In the Philippines, the first Shakey’s pizza parlor opened in 1975.

Locally, SPAVI had 177 stores all over the country as of June 2016, with plans to expand in the greater Manila and provincial areas.

Apart from the Philippines, SPAVI also owns perpetual rights to the Shakey’s brand for the Middle East, Asia (ex Japan and Malaysia), China, Australia, and Oceania.

SPAVI is majority owned by the Po family’s Century Pacific Group Inc (CPGI), parent company of Philippine listed Century Pacific Food Inc (CNPF).