The Philippine Stock Exchange, Inc. (Exchange) has approved the application of Figaro Coffee Group, Inc. (FCG) for the listing of the company's shares, including shares for its P1.78 billion initial public offering.
In a statement, Figaro said it will be listing 5.01 billion common shares, including up to 1.39 billion common shares for the IPO.
The Figaro Group is a purely Filipino and home-grown diversified food group with over 28 years in the industry. FCG operates through its wholly-owned subsidiary, Figaro Coffee Systems, Inc.
As of Nov. 10, 2021, the group owns a set of retail restaurants with 99 branches including international territories, that serve a wide variety of food offerings and services.
The FCG common shares shall be listed under the Main Board of the Exchange with a tentative listing date and commencement of trading on January 24, 2022.
The Exchange also approved the proposed timetable of FCG's IPO activities such as December 22, 2021 as the price setting date and offer period of January 10 to January 14, 2022.
FCG is offering to the public up to 1.39 billion common shares, consisting of 1.26 firm shares, with an overallotment option of up to 126 million shares, both of which are primary shares to be issued and offered by FCG. Offer price is up to P1.28 per share.
The company plans to use proceeds from its IPO to fund its store openings and renovations; commissary expansion; debt repayment; IT infrastructure development, and potential acquisitions.
FCG has selected Abacus Capital & Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp. as joint issue managers, joint lead underwriters and joint bookrunners of the IPO.
As of Nov 10, 2021, the Figaro Group operates 55 Figaro coffee shops, 35 Angel’s Pizza outlets, 5 Tien Ma’s Taiwanese cuisine restaurants, 3 TFG Express outlet, and 1 Café Portofino outlet.