Homegrown coffee and restaurant chain Figaro Coffee Group Inc. plans to raise P1.77 billion through an initial public offering next month.
Figaro said in a filing with the Securities and Exchange Commission it planned to sell 1.26 billion common shares with an over allotment option for another 126 million common shares at P1.28 per share.
The net proceeds from the maiden share offering will be used to fund store and commissary expansion, debt repayment and potential acquisitions.
Figaro operates 90 restaurants and branches nationwide, including 52 Figaro coffee shops, 31 Angel’s Pizza outlets, five Tien Ma’s Taiwanese cuisine restaurants, one TFG Express outlet and one Café Portofino outlet.
The company hired Abacus Capital and Investments Corp., China Bank Capital Corp. and PNB Capital and Investments Corp. as joint issue managers and lead underwriter for the offering.