Restaurant chain operator Shakey’s Pizza Asia Ventures Inc. set the final offer price for its planned initial public offering at P11.26 per share.
The final offer price is at the high-end of the reported indicative price range of P10.20 to P11.26, which the conpany set prior to the book building process.
At P11.26 per share, SPAVI will raise up to P3.96 billion in proceeds from the sale of 351.9 million common shares.
Under the plan, SPAVI will sell 104 million primary shares and 202 million secondary shares held by Arran Investments Private Limited, a unit of Singapore sovereign wealth fund GIC.
Another 45.9 million shares will cover over allotment option.
Offer period will be from Dec. 2 to Dec. 8 while listing date was tentatively set on Dec 15.
Deutsche Bank AG was appointed sole global coordinator and bookrunner for the deal, with BDO Capital and Investment Corp. and First Metro Investment Corp. as joint lead managers and underwriters.
At least 70 percent of the offer shares will be sold to overseas investors while the remaining 30 percent will be set aside for local investors.
SPAVI said it planned to use the proceeds from the sale of primary shares to partially repay its loan from BDO Unibank Inc. and to fund the capital expenditures of its new commissary and the relocation of its headquarters.
Over the next five years, the company plans to open 10 to 15 Shakey’s stores annually over the next few years.