MANILA, Philippines — Figaro Coffee Group Inc. is eyeing to take the company public to raise P1.77 billion in a bid to expand its store network.
The Securities and Exchange Commission received the company’s registration statement on October 4.
According to its prospectus, Figaro’s initial public offering will sell up to 1.26 billion common shares at P1.28 each.
If investor interest is robust, the company set an overallotment option of 126 million shares.
Aside from its plan to augment its store network, the food retailer wants to use proceeds from this sale to expand its commissary and production facilities, debt repayment, IT infrastructure developments, and potential acquisitions.
Sizeable chunks of the net proceeds will be spent on store openings and renovations, and commissary expansions, which will cost Figaro P657.6 million and P350.3 million each.
The offer period will last between December 16 to December 22 if the SEC gives its nod.
The prospectus noted the coronavirus pandemic was a “blessing in disguise” for the company since it recorded its best revenue and income performing in a span of 12 months from July 2020 to June 30, 2021.
For the first half of the year, Figaro’s net income grew threefold by 271% year-on-year to P114.4 million.
Figaro has been operating in the Philippines for 25 years with over 90 branches of food retailers under its brand worldwide.
It has 52 Figaro coffee shops, 31 Angel’s Pizza outlets, five Tien Ma’s Taiwanese cuisine restaurants, a TFG Express outlet and one Cafe Portofino branch.