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Shakey’s finalizes plan for P5.5-b IPO

Restaurant chain operator Shakey’s Pizza Asia Ventures Inc. has finalized the timetable for its planned P5.5-billion initial public offering.

Latest filing with the Securities and Exchange Commission showed SPAVI would hold the maiden share offering on Dec. 2 to Dec. 8 and the listing on the Philippine Stock Exchange on Dec. 15.

Sources said the company was on course to meet the timetable, as it was expected to secure an approval from the Securities and Exchange Commission during an en banc meeting today.

Under the plan, SPAVI will offer 352 million primary and secondary shares, including 46 million shares in case of extra demand, at an offer price of up to P15.58 each.

Arran Investments Private Limited, a unit of  Singapore sovereign wealth fund GIC, agreed to sell 248 million secondary shares, assuming the over allotment option would be exercised.  This would reduce Arran’s stake in SPAVI to 18.5 percent from the current  37.2 percent.

Documents showed at least 70 percent of the offer shares would be sold to overseas investors while the remaining 30 percent would be allocated to local investors.

SPAVI said it intended to use the proceeds from the sale of primary shares to partially repay its loan from BDO Unibank Inc. and fund the capital expenditures for a new commissary and the relocation of its headquarters.

Meanwhile, SPAVI said it teamed up with Quorn Foods, a world leader in meat alternatives, to offer the Philippines’ first meat alternative pizzas. 

Originating from the United Kingdom, QuornTM is a range of meat-free protein products using as its main ingredient MycoproteinTM – a naturally healthy protein that is high in fiber, low in saturated fat and has zero cholesterol.

SPAVI, which first opened in the Philippines in 1975, has since grown to 177 stores as of June 2016. 

Seven more stores are expected to open before yearend and 20 new stores would open in 2017.

“We always think of the customers’ evolving needs and eating habits. With Shakeys QuornTM pizzas, we are catering to the growing number of guests looking for healthier food options that also taste good,” said SPAVI president and chief executive Vicente Gregorio.

Topics: Shakey’s Pizza Asia Ventures Inc. initial public offering , IPO , Securities and Exchange Commission , Philippine Stock Exchange
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