The Big Chill readies P500-M IPO

MANILA, Philippines — The Big Chill Inc. (TBCI), a subsidiary of publicly listed Agrinurture Inc. (ANI), is considering reviving its planned initial public offering (IPO) which is expected to raise at least P500 million, according to its top official.

TBCI chairman and chief executive officer Antonio Tiu told The Star the company is looking to proceed with its IPO even without including Tullys Coffee Asia Pacific.

“We can do without Tullys. We can raise at least P500 million,” Tiu said on the sidelines of a press briefing held at Kamuning Bakery last week.

Tiu said the company is just waiting for the right timing to launch its IPO.

Tullys Coffee Asia Pacific has yet to be infused into TBCI.

With the integration of Tullys, TBCI expects to raise “more than a billion” pesos from the IPO.

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

Tiu 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 will enable the company to expand in the Greater China Region as it takes advantage of 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 in the next few months, Tiu said.

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

Tiu expects Tully’s Coffee and Big Chill to be well received by consumers in Asia.

He said those who don’t like coffee can enjoy TBCI’s healthy drinks.

The Big Chill was established in 1994 as a new concept serving premium quality  blended shakes made with 100 percent fresh-cut fruit.  Its target market is the AB and upper C market segments.

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.