The Big Chill lays out IPO plans this year

MANILA, Philippines — The Big Chill Inc. (TBCI), a subsidiary of publicly listed AgriNurture Inc. (ANI), is readying plans for its initial public offering this year.

“We will proceed with the IPO. We’re just waiting for the right timing,” TBCI chairman and CEO Antonio Tiu said in a recent interview.

He said the company is just waiting for the infusion of Tullys Coffee Asia Pacific into TBCI before it proceeds with the public offering.  This, in turn, is just waiting for some administrative matters from the head office of Tullys Coffee Asia Pacific.

Tiu said with the infusion of Tullys Coffee Asia Pacific, TBCI could have a market capitalization of up to P4 billion instead of just around P2 billion.

“If it’s just The Big Chill, we will be valued at P2 billion to P3 billion in terms of market capitalization, but if we can include Tully’s Asia Pacific, we can double the market cap,” he said.

Proceeds from the IPO would be used to expand TBCI in Asia Pacific where Tiu said he could get partners in the different countries for franchising.

He hopes to do the listing before the end of the year. He had been planning to do it the past years, but poor market conditions prompted him to postpone it.

The listing would enable the company to expand in the Greater China Region as it hitches a ride on improved bilateral relations between Manila and Beijing.

At present, TBCI has around 70 branches in the Philippines and this is expected to grow to around 100 outlets within the next few months, Tiu said.

“We will probably reach 100 very soon,” he said.

TBCI owns iconic brands Big Chill and Fresh Bar and is the franchisor of Tully’s Coffee in the Asia Pacific region. In recent years, it has started offering franchise in major cities in the Philippines and Asia, with the fastest growth expected in China.

Tiu said the combined Tully’s Coffee and Big Chill stores are expected to be well accepted by consumers in Asia.

He said those who don’t like coffee can enjoy the healthy Big Chill drinks.

The Big Chill was established in 1994 as a new concept serving premium quality blended shakes made with 100 percent fresh-cut fruit, targeting mainly the AB and upper C market segments through its extensive network of shops and kiosks that provide convenient access to fresh fruit shakes anytime, anywhere.

The Fresh Bar, meanwhile, is an expanded concept of Big Chill which offers the same fresh fruit shakes along with a line of hearty gourmet soups, healthy pasta offerings, fresh salads and sandwiches.

Both The Big Chill and Fresh Bar brands provide new food service beverage concept ideally suited for today’s healthy and fast paced lifestyle.

ANI, which is engaged in the trading and distribution of fresh fruits and vegetables in the Philippines, acquired TBCI in 2011 as part of its strategy to forward integrate and complete its vision of becoming a global leader in providing nutrition from farm to fork.