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Manila Bulletin devider Business devider Figaro sets IPO price at P0.75 per share

Figaro sets IPO price at P0.75 per share

Published Dec 23, 2021 03:13 pm

Figaro Coffee Group, Inc. has set the price of its planned initial public offering at P0.75 per share, much lower than its maximum indicative price of P1.28 per share for an offering size of P767.4 million.

In a disclosure to the Philippine Stock Exchange, Figaro said it is also reducing the IPO size to 930.17 million shares with an over-allotment option of 93.02 million shares.

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FCG had planned to offer 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.

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 PSE had earlier 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.

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, 35Angel’s Pizza outlets, 5 Tien Ma’s Taiwanese cuisine restaurants, 3 TFG Express outlet, and 1 Café Portofino outlet.

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