Figaro Coffee Group Inc., a local coffee shop and restaurant chain owner, is planning to raise up to P1.77 billion from a planned initial public offering to its expansion and acquisitions.
Based on the firm’s registration statement filed with the Securities and Exchange Commission, Figaro is planning to offer up to 1.26 billion common shares priced at P1.28 per share, plus an overallotment option of up to 126 million shares.
Proceeds from the offer will be used to fund store openings and renovations, commissary expansion, debt repayment, IT infrastructure developments, and potential acquisitions.
The company has engaged Abacus Capital & Investment Corporation, China Bank Capital Corporation, and PNB Capital and Investment Corporation as joint issue managers, joint lead underwriters, and joint bookrunners for the offer.
The Figaro Group is a purely Filipino and home-grown diversified food group with over 25 years in the industry. Figaro Coffee Group, Inc. operates through its one wholly-owned subsidiary, Figaro Coffee Systems, Inc.
The Group is a set of retail restaurants with 90 branches nationwide and international territories that serve a wide variety of food offerings and services.
As of September 17, 2021, the Figaro Group operates 52 Figaro coffee shops, 31 Angel’s Pizza outlets, five Tien Ma’s Taiwanese cuisine restaurants, one The Figaro Group Express outlet, and one Café Portofino outlet.
In 2020, the Figaro Group’s total systemwide sales amounted to P873.47 million of which P792.86 million was generated from corporate sales and P240.76 million was generated from franchise.
It generated total revenues of P602.27 million, P512.64 million P851.57 million, P359.85 million, and P862.99 million for the years ended December 31, 2018, 2019, 2020 and the six months ended June 30, 2020 and 2021, respectively.
It reported net income or loss of -P525,750, -₱7 million, P103.31 million, P30.85 million, and P114.45 in 2018, 2019, 2020 and the six months ended June 30, 2020 and 2021, respectively.